WebStep 1: Prepare now. To qualify for loan forgiveness, the funds must be used during the covered period. You can choose a covered period of any length between 8-weeks (56 days) and 24-weeks (168 days), beginning on the date you received the loan proceeds. You’ll want to use the funds for eligible expenses, ensuring that you: WebThe maximum loan size for a second-draw PPP loan is $2 million, versus $10 million for a first-time PPP loan. Like other PPP loans, the interest rate for all second-draw PPP loans is set at 1%, and no personal guarantee or collateral is required. The “covered period” for the loan is between 8 and 24 weeks, and the period generally begins ...

EIDL Round 2 SBA Expands Covid-19 Loan Application Deadline

WebIf your loan is over $150,000 and was provided through our partner Celtic Bank, you’ll need to apply for forgiveness through Celtic. You may contact them at (800) 509-6191 or [email protected]. Loan Forgiveness for Second Draw Borrowers. Bluevine is not accepting Second Draw loan forgiveness applications. WebFrom their online portal, you can set up your account, apply for loan forgiveness or pay down your loan if you're unable to receive forgiveness. If you have not received your welcome email from Scratch or have general questions about PPP loan servicing, please reach out to their support team directly for assistance at [email protected] or 844 ... colleen survivor borneo

Deadline Extended for PPP Loan Applications BDO

Web22 Sep 2024 · Example: You might have found it easier to use the 24-week forgiveness period option, which had the earliest end date of 6/29/21, as noted below. This means your loan payments do not kick in until 4/25/2024. One consideration to keep in mind while submitting the forgiveness application is the interaction with the Employee Retention … Web17 Sep 2024 · The deadline under the Flexibility Act to achieve this was Dec. 31, 2024, as opposed to the previous deadline of June 30, 2024. ... "Second Draw PPP Loans." Accessed March 31, 2024. WebIs SBA taking over the forgiveness decision responsibility from the lender? What controls are in place to prevent a borrower from submitting forgiveness applications on the Platform and directly to the lender? For Second Draw loans, which do I base my forgiveness decision on - the COVID Score or the revenue reduction documentation that my ... dr padraic mccahill easton ma