You may submit a loan forgiveness application any time on or before the maturity date of the loan, which is either two years or five years from loan origination.
However, if you do not apply for loan forgiveness within 10 months after the last day of your covered period (in this case, the SBA assumes you are using the maximum length 24-week covered period), loan payments are no longer deferred and you will be required to begin making payments on your PPP loan.
For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
If the borrower does not apply for loan forgiveness within 10 months after the last day of the maximum covered period of 24 weeks, or if SBA determines that the loan is not eligible for forgiveness (in whole or in part), the PPP loan is no longer deferred and the borrower must begin paying principal and interest. If this occurs, the lender must notify the borrower of the date the first payment is due.