Monday February 21, 2022 – The Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA) provided over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses
The plan was to forgive these loans. A borrower was to apply for forgiveness once all loan proceeds for which the borrower requested forgiveness were used. Then they were to apply for forgiveness any time up to the maturity date of the loan.
If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Today, the SBA announced that there are still unforgiven PPP Loans to Small Business Totaling $28 Billion. These loans may still be forgiven any time up to the maturity date of the loan. If small businesses do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and they will be required to start making loan payments to their PPP lender.
Attorney Steven A. Leahy summarizes the latest about the Paycheck Protection Program.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649