Ashford Student Loan Forgiveness

Ashford Student Loan Forgiveness

The U.S. Small Business Administration has released a form of one page which makes it simpler to request forgiveness of Paycheck Protection Program loans. The form also contains newly updated forms that comply with the current stimulus legislation. 

Congress approved the COVID-19 relief plan last month and offered $284 billion in funding for small-scale businesses who needed loans. The money was intended to reduce the economic burden of the coronavirus pandemic. It also included a requirement that the SBA to issue streamlined forms within 24 hours of the bill being approved by the lawmaker to streamline the process of applying for forgiveness, along with conditions designed to facilitate more loans from community banks, specifically for minority-owned businesses that had trouble getting loans in the past.

Ashford Student Loan Forgiveness

“The Small Business Administration met the requirement to issue the single-page form for the forgiveness of PPP loans within 24 hours of the date of the enactment of the Consolidated Appropriations Act, 2021,” wrote Ed Zollars, a partner at Thomas, Zollars & Lynch CPAs on his Current Federal Tax Developments blog for Kaplan Financial Education. “The agency also released additional updated forms.”

First Draw PPP Terms of loan forgiveness

Ashford Student Loan Forgiveness – First Draw PPP loans given to borrowers who meet the criteria are eligible for total loan forgiveness within the 8 to 24 week period that follows the disbursement of loan:

  • The levels of compensation and employee pay are maintained
  • The loan proceeds are spent on payroll costs as well as other expenses eligible for reimbursement; and
  • At least 60% of funds go to payroll costs

Second Draw PPP Terms of Loan Forgiveness

Second Draw PPP loans to eligible customers are eligible for loan repayment when the loan is repaid within an 8– to 24 week period.

  • The First Draw PPP loan requires that the employee and compensation levels be maintained in the exactly the same manner.
  • The loan funds are used on payroll costs as well as other eligible expenses and
  • Minimum 60% of proceeds go to the cost of payroll
  • When and how do I apply for loan forgiveness

Once all of the loan funds have been utilized, a borrower can apply for forgiveness. Borrowers can request forgiveness at any point up to the loan’s maturity date. If borrowers do not apply for forgiveness within 10 years of the last day of the time period that was covered and the loan is not renewed, PPP loan payments can not deferred any longer, and borrowers must make loan payments to their PPP lender.

Download Ashford Student Loan Forgiveness

Gallery of Ashford Student Loan Forgiveness


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