Tag Archive: PPP Loans

Can My PPP Loan Be Forgiven? Four Steps to Success

September 18, 2020 11:13 am Published by Mountain, Dearborn & Whiting LLP

If you received a Small Business Administration loan under the Payroll Protection Program to keep your staff employed during the Coronavirus pandemic, now is the time to be certain that you’ve fulfilled all requirements to have your loan forgiven.

The PPP stopped accepting new loan applications on August 8. If your loan—either for 8 weeks or 24 weeks—was issued prior to June 5, it will mature in two years. Loans issued after that date will mature in five years. If any part of the loan is not forgiven, then your loan payments will be deferred for six months. The interest rate on the loans is 1 percent.

Here are some tips to help you wade through all ...