When Should You Apply For PPP Loan Forgiveness?

Can I apply for both PPP and Eidl?

Yes, you can apply for both.

But you can’t use the funds from both loan programs for the same purpose.

For the most updated and complete information, read the FAQs on the EIDL and FAQs on the PPP.

For more information, visit The SBA has a hotline to help answer questions 1-800-659-2955, 7 days a week from 7:00a..

Are PPP loans still available?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

Can I use Eidl for payroll after PPP runs out?

9. Can EIDL funds be used for payroll after the July 1 cut off for PPP? Yes, working capital needs for EIDL do include payroll costs. Applicants that receive an EIDL loan after April 3, 2020 may apply for a PPP loan.

Is it too late to apply for a PPP loan?

The PPP Extension Act is a very short Bill with a very long name, but its substance is the extension of the deadline to apply for a PPP loan. Without the PPP Extension Act, the deadline to apply for a PPP loan expired on June 30, 2020. The PPP Extension Act changed the deadline to August 8, 2020.

When should I apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

How do I apply for PPP loan forgiveness?

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.

What are the requirements for PPP loan forgiveness?

Requirements include: Funds are allowed to be used for payroll costs, rent, utilities and interest on mortgages. At least 60% of loan must be used for payroll costs. While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic.

Does EIDL loan affect PPP forgiveness?

If the business also receives a PPP loan, or refinances an EIDL into a PPP loan, any EIDL Grant amount will be subtracted from the amount forgiven in the PPP loan.

Can Eidl be forgiven?

EIDL offered forgiveness of an up-to-$10,000 loan advance. PPP loans up to $10 million can be completely forgiven. EIDL forgiveness was automatic, provided you spent the money properly. PPP forgiveness requires an application with the lender.

Who is offering PPP loans?

Here are eight innovative fintech companies now offering PPP loans to small businesses, as well as several fintech firms that can help you apply for PPP loans.BlueVine. … Funding Circle. … Intuit QuickBooks. … OnDeck. … PayPal. … Ready Capital. … Square.

Can I apply directly to SBA for PPP loan?

Currently, the EIDL application is accessible here, and can be submitted directly on the SBA website. The PPP application is also live and can be submitted directly with banks, credit unions, and fintech companies including Square and PayPal.