First PPP Loan Forgiveness Application Deadline Looms

PPP loan forgiveness application deadline

If you got a Paycheck Protection Program loan during the first draw, your deadline for applying for forgiveness is August 30, 2021.

The applications for forgiveness are made through your lender or through the PPP Loan Forgiveness Portal opened by the Small Business Administration.

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First PPP Loan Forgiveness Deadline is August 30, 2021

If you obtained a PPP loan, your covered period starts on the day the loan money was deposited. The covered period length could be from 8 to 24 weeks. The covered period would have been specified on your loan documents.

Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends.

The common ending date for the covered period for the first round PPP loan draws was October 30, 2020. Count forward ten months and that’s August 30, 2021.

Second Stimulus Bill

The second round of PPP loan monies came from the second stimulus bill, which passed December 27, 2020.

Small Business Deals

If you obtained a PPP loan in the second draw, the timeline for submitting PPP loan forgiveness applications remains the same.

Know your covered period, which will be from 8 to 24 weeks. The deadline for submitting a forgiveness application is 10 months after your covered period ends.

Forgiveness Applications Through Your Lender

You can submit a forgiveness application any time after your covered period ends. You don’t have to wait the ten months.

There are three type of application forms:

  • Form 3508S – Used when the PPP loan amount was less than $150,000.
  • Form 3508EZ – Used when your headcount of employees didn’t lessen by more than 25%. Also used if you couldn’t regain your original staffing levels due to Covid-related health guidelines.
  • Form 3508 – You are operating at the same capacity.

Check with your lender for more details.

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Lisa Price Lisa Price is a freelance writer living in Barnesville, Pennsylvania. She has a B.A. in English with a minor in journalism from Shippensburg State College (Pennsylvania). She has worked as a trucking company dock supervisor, newspaper circulation district manager, radio station commercial writer, assistant manager of a veterinary pharmaceutical warehouse and newspaper reporter.

7 Reactions
  1. I borrowed PPP loan through Cross River which is using Kabbage to service loan- Kabbage was recently purchased by American Express (AXP-NYSE) – Neither Cross River or Kabbage are accepting first round PPP forgiveness applications and are not participating in the SBA Direct Forgiveness Program- i’ve been in touch with lender and SBA with no resolution- is there anything a small business can do or do the lenders only offer forgiveness to large corporations ?

  2. Essie mcgruder 8/31 2021 @10:48. I have a small business .handmade crafts out of all types of vines .grapevines. Kuzzu . Wisteria.also honeysuckle vines and delivered to the florist shops.i need to apply for the S B A loan. Is there any assistance for me.

  3. Are there any exceptions to the August 30 deadline to apply for loan forgiveness?

  4. Thank you. That’s great, that’s good in your country, In our country, I don’t support policies or any other subsidies.

  5. I think August 30 was the last one, is there still any hope?

  6. Are there any special cases for the August 30 cutoff time to apply for advance pardoning?