Keyword Analysis & Research: ppp loan forgiveness

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Frequently Asked Questions

Do you get to deduct PPP loan interest you did not pay?

Do You Get to Deduct PPP Loan Interest You Did Not Pay When a PPP loan is forgiven, the SBA transmits a payment to the bank of the loan principal plus accrued interest. The Consolidated Appropriations Act (CAA) indicates that PPP loan forgiveness is non-taxable and all related deductions to the PPP loan forgiveness is allowed.

Where to submit PPP forgiveness?

Submit the forgiveness form and documentation to SBA or your PPP lender: Depending on whether your lender is participating in direct forgiveness, complete your loan forgiveness application and submit it via the SBA direct forgiveness portal or via your lender with the re­quired supporting documents.

When is the second PPP forgiveness deadline?

6/15/2022. Second Draw PPP Loans (Loans made after June 5, 2020) Loans made under the Second Draw of the PPP generally will have a five (5) year maturity date. These loans also require that applications for forgiveness be submitted no later than ten (10) months after the last day of the “covered period.”.

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