When Should My Business Apply for Paycheck Protection Program Loan Forgiveness?

Businesses should pay close attention to their PPP loan forgiveness application deadline to take advantage of full loan forgiveness. In this one-minute video, Chugh CPAs, LLP Partner and CPA Bhakti Pujara shares:

• When to apply for PPP loan forgiveness.
• More information on the covered period of PPP loans.

When to Apply

Businesses should apply for PPP loan forgiveness within ten months from the end of their covered period.

Thanks to the Consolidated Appropriations Act, 2021 (CAA), businesses can now choose a covered period ranging anywhere from eight to 24 weeks. During this timeframe, the businesses should use all the proceeds on eligible expenses to qualify for full PPP loan forgiveness.

Please contact your trusted Chugh CPAs, LLP professional for help getting your PPP loan forgiven, or for help applying for a second draw loan.