Nelnet Student Loan Forgiveness Disability

Nelnet Student Loan Forgiveness Disability

The U.S. Small Business Administration has released a single-page form that aims to simplify the process of applying for forgiveness of Paycheck Protection Program loans, along with newly updated and revised forms that conform to the requirements of the most recent stimulus legislation. 

The COVID-19 relief package that Congress adopted last month revived the PPP with $284 billion in funding for small businesses seeking forgiven loans to help cope with the economic fallout of the coronavirus epidemic. The legislation required that the SBA release simplified forms within the first 24 hours of the signing into law. This was to facilitate the application for forgiveness. Additionally, it included conditions that encourage banks in the community to lend more specifically to minority-owned companies who had a difficult time getting loans last year.

Nelnet Student Loan Forgiveness Disability

“The Small Business Administration met the requirement of releasing 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 published new forms.”

First Draw PPP Terms of loan forgiveness

Nelnet Student Loan Forgiveness Disability – First Draw PPP loans given to borrowers who are eligible can be granted total loan forgiveness within the 8 to 24 week period that follows the loan’s disbursement

  • This is also true for pay and benefits for employees.
  • The loan proceeds can be used to pay the cost of payroll as well as other expenses that are eligible.
  • Minimum 60% of proceeds go to expenses for payroll

Second Draw PPP Loan forgiveness terms

Second Draw PPP loans granted to borrowers who meet the criteria are eligible for total loan forgiveness if they do so during the 8to 24 week covered period following loan payment:

  • The First Draw PPP loan requires that the employee and compensation levels are maintained in the exact same way.
  • The loan proceeds are used on payroll costs and other eligible expenses; and
  • Minimum 60% of proceeds go to expenses for payroll
  • How do I apply for loan forgiveness , and when to apply

A borrower can apply for forgiveness once the loan’s proceeds for which the borrower has applied for forgiveness have been utilized. Borrowers can request forgiveness at any time until the date of maturity. Borrowers who don’t request forgiveness within 10 month of the expiration date of the loan are able to receive loan payments from their PPP lender.

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