If a PPP loan received an SBA loan number on or after June 5, 2020, the loan has a five-year maturity. If a PPP loan received an SBA loan number before June 5, 2020, the loan has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. The promissory note for the PPP loan will state the term of the loan.
Articles in this section
- What qualifies as “gross receipts” for my business when I am entering amounts for my revenue reduction?
- Why can’t I submit my second forgiveness application before my first one, if my loan is over $150,000?
- What if I don't want to claim forgiveness on my first draw loan, but do want to claim forgiveness on my second draw loan?
- How can I update my mailing address?
- If I am a sole proprietor, independent contractor, or self-employed individual, can I increase my loan amount in light of the SBA's updates to loan amount calculations?
- What new categories of expenses will be eligible for forgiveness based on January 2021 SBA guidance?
- Where do I find my SBA PPP loan number / ID?
- How does the new law related to the Paycheck Protection Program (PPP) affect my loan or loan forgiveness?
- If I am selling my business or changing ownership, what steps do I need to take for my PPP loan and loan forgiveness?
- Why did I receive a Loan Necessity Questionnaire (also called SBA Form 3509 or 3510)?