Nurse Practitioner Student Loan Forgiveness

Nurse Practitioner Student Loan Forgiveness

The U.S. Small Business Administration has issued a one-page form which makes it simpler to request the cancellation of Paycheck Protection Program loans. The form also contains newly updated forms that comply with the latest stimulus law. 

The COVID-19 aid package Congress passed last month revived the PPP with $284 billion of funding for small businesses seeking forgiven loans to help cope with the economic fallout from the coronavirus outbreak. It included a requirement for the SBA to issue streamlined forms within 24 days of the bill being approved by the lawmaker to streamline the procedure of applying for forgiveness. The legislation also contained conditions that aim to increase the number of loans from community banks, particularly for minority-owned businesses that struggled to get loans in the past.

Nurse Practitioner Student Loan Forgiveness

“The Small Business Administration met the requirement of releasing the one page form for loan forgiveness under the PPP by 24 days after the date of enactment the Consolidated Appropriations Act, 2021,” wrote Ed Zollars, a partner with Thomas, Zollars & Lynch CPAs on his Current Federal Tax Developments blog for Kaplan Financial Education. “The agency also published new forms.”

First Draw PPP Conditions for loan forgiveness

Nurse Practitioner Student Loan Forgiveness – For those who qualify, First Draw PPP loans can be eligible to forgive loans. This happens when the loan payment is made within an 8 to 24-week timeframe.

  • It’s the same for compensation and employees.
  • The proceeds of the loan can be used to pay the cost of payroll as well as other expenses that are eligible.
  • A minimum of 60% of the proceeds are spent on payroll costs

Second Draw PPP Terms of Loan Forgiveness

Second Draw PPP loans given to eligible borrowers qualify for full loan forgiveness if during the 8to 24 week duration following loan disbursement:

  • The First Draw PPP loan requires that the compensation and employee levels be maintained in the exact same way.
  • The loan proceeds can be used to pay for the cost of payroll as well as other expenses that are eligible.
  • At least 60% of the proceeds are used to pay for payroll expenses
  • When and how do I apply for loan forgiveness?

When all of the loan proceeds have been used, a borrower can apply to be granted forgiveness. Borrowers can apply for forgiveness at any time prior to the maturity date of the loan. Borrowers who don’t request forgiveness within 10 month after the date they will be able to repay the loan are eligible to receive the loan payment from their PPP lender.

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