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Financial Services Law Insights and Observations

SBA clarifies loan forgiveness application deadline

Federal Issues Covid-19 SBA CARES Act Department of Treasury

Federal Issues

On October 13, the Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) loan forgiveness FAQs to include a new question covering the PPP loan forgiveness application forms (3508, 3508EZ, and 3508S). Specifically, the SBA notes that even though the application forms display an expiration date of October 31, that is not a deadline to apply for forgiveness. Rather, the date posted on the forms is displayed for Paperwork Reduction Act purposes and will be extended when the same forms are re-approved. Borrowers may submit loan forgiveness applications any time before the maturity date of the loan, which can be either two or five years after origination.

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