Is There a Deadline to Apply for PPP Loan Forgiveness?

Businesses looking for PPP loan forgiveness need to complete and file their application within 10 months after the PPP loan’s covered period. The business owner doesn’t have to pay any loan repayment amounts, as long as the loan forgiveness application is filed within the 10-month loan coverage period. 

What Happens If Some of My PPP Loan Isn’t Forgiven?

If the loan is deemed as “forgiven”, the business doesn’t have to repay the loan at all. If the loan forgiveness application is either partially forgiven or denied, the PPP loan must be repaid in full and at the timetable specified in the loan contract.

About the Authors

Brian O'Connell

Written by: Brian O'Connell

Former Wall Street Bond Trader and Bestselling Business Book Author

Brian O’Connell is a former Wall Street bond trader and the author of two best-selling books; “The 401k Millionaire” and “CNBC’s Creating Wealth”. With 20 years of experience covering business news and trends, particularly in the business and financial sectors, he believes education is the best gift a financial...

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Chip Stapleton

Reviewed by: Chip Stapleton

Finance Manager

Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. He has 8 years of experience in finance, from financial planning and wealth management to corporate finance and FP&A.

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Somer G. Anderson, Ph.D.

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

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