Deter PPP Loan Payments by Using Your Customized Deadline

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Deter PPP Loan Payments by Using Your Customized Deadline

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ppp loan forgiveness application deadline

QUESTION: I’m really confused on the Payroll Protection Program (PPP) loan forgiveness application deadline. I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. However, the form indicates that it expires 10/31/2020. Can you explain this difference? 

Question from San Diego, California subscriber

ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. Eventually, the SBA will announce a new deadline and then post the same forms with the new expiration date.

You may submit your PPP loan forgiveness application any time before your loan’s maturity date, which is either two or five years from your loan’s origination, but waiting this long has it’s financial penalties:

  • If you don’t apply for loan forgiveness within 10 months after the last day of your loan’s forgiveness covered period, you’ll have to start making loan payments.
  • For example, say your loan period ends on October 30, 2020; you have until August 30, 2021 to apply for forgiveness before you’ll have to begin payments.

For PPP funding strategies to keep ALL your loan money, accounting experts, Lin Walker and Manuel “Manny” Cosme, CPA, CPC, can help. During their upcoming online training session, “Keep 100% of Your PPP Money: Forgiveness Application Strategies,” they’ll walk you through how to accurately complete each of the three PPP Loan Forgiveness applications.


More Online Training Resources

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Master Massive E/M Coding Changes (99201-99215) by Jan. 1 Deadline Secure HHS Provider Relief Funds by Nov. 6 Application Deadline Keep More PPP Money with Proven Forgiveness Application Tactics
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Meet Your Writer

Manuel Cosme Founder of CFO Services Group

An entrepreneur with diverse accounting experience and a love for sharing knowledge, Manuel “Manny” Cosme, founder of CFO Services Group is driven to help other small businesses With more than 15 years focus on managing finances and administration, Cosme has the high-level experience and training that his clients need and want. He worked as a financial statement auditor in a national public accounting firm and left to join a small accounting firm focusing on bookkeeping, payroll, and tax preparation for small businesses. ​In addition to leading the team at CFO Services  Group, Cosme serves as the Treasurer of the Board of Directors for both the Equality Chamber of Commerce DC Metro Area and the Greater Washington Hispanic Chamber of Commerce, and is Finance Chair for Entrepreneur Organization DC Accelerator program. Cosme graduated summa cum laude from the School of Economics and Business Administration at Saint Mary's College in California, with a dual major in Accounting and Economics and a minor in Mathematics.