What is deadline for PPP forgiveness?
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What is deadline for PPP forgiveness?
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
How many PPP loans are funded?
PPP Round 2 Loans
| STATE | APPROVED LOANS | APPROVED DOLLARS |
|---|---|---|
| California | 320,156 | 2,/td> |
| Colorado | 46,157 | 2,/td> |
| Connecticut | 29,559 | 2,/td> |
| Delaware | 4,872 | /td> |
What percentage of PPP is funded?
Across all 50 states, 72 percent to 96 percent of estimated small business payroll was covered by PPP loans.
Can I get a PPP loan with no employees?
What’s the biggest loan I can get? The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation share.
Can I collect unemployment and get a PPP loan?
You cannot receive unemployment benefits at the same time as a PPP loan. Answer: Sole proprietors should be eligible to receive PUA for any weeks in which they are not paying themselves through a PPP Loan, but you cannot receive both PPP loans and unemployment benefits at the same time.
What if I received too much PPP money?
What is the effect of an excess loan amount error on a borrower’s obligations? If the lender or SBA, as applicable, determines a borrower was ineligible for any portion of its loan amount, forgiveness will be denied for the ineligible portion and the borrower must begin making payments on the remaining loan amount.
