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To embed, copy and paste the code into your website or blog: Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan including before the end of the covered period if the borrower has used all of the loan proceeds. But that does not mean a borrower should submit a loan forgiveness application as soon as possible. There are many considerations you should take into account when deciding when to submit forgiveness applications to the lender. Patience and adequate preparation might be more than just virtues in the PPP loan forgiveness context; they might lead to financial benefits for borrowers as well. This article discusses the timing considerations and other items that might affect a borrower’s decision to submit the loan forgiveness application to its lender.

United statesReadiness of the small business administrationMost paycheck protection programCredit incAmerican instituteUs treasury departmentPaycheck protection program flexibilityPaycheck protection programSmall business administrationForgiveness applicationPaycheck protection program flexibility actMay evolveInterim finalGuidance is expectedFrequently asked questionsInterim final rule