Did your business receive a Paycheck Protection Program (PPP) loan? Recent regulations have eased the burden to qualify for forgiveness.
• The deadline to apply for loan forgiveness is 10 months from the end of your covered period (24 weeks or eight weeks from dispersal).
• If your loan was made before June 5, your covered period is eight weeks. If your loan was made after June 5, you have the choice to select. Forbes offers insights on the advantages of both options.
• For some small business, there’s a simplified forgiveness application (Form 3508EZ). Visit the SBA to see if you qualify.