Update on PPP First Draw Loan Forgiveness Applications

Businesses who received the first draw PPP loan have 10 months after the end of the borrower’s covered period (the covered period is likely the 24 week period starting the day the PPP funds were disbursed unless if the borrower selected a shorter period) to apply for forgiveness before borrowers have to start making payments on the principal and interest. With the first PPP loans being awarded in April 2020, if borrower’s haven’t applied for forgiveness yet, you will need to do so quickly if you want to avoid principal and interest payments which may be due as early as July 2021. If you have already applied for forgiveness for the first draw PPP loan, you can disregard this message. However, if you haven’t and need assistance, please contact Mike Dempsey at mdempsey@bwtpcpa.com.

Mike Dempsey, CPA is a Senior Accountant with BWTP P.C. Read more about Mike here.

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