Teacher Loan Forgiveness Application Form 2014

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

The COVID-19 aid package Congress approved last month renewed the PPP with $284 billion of funds for small businesses that want forgiven loans to help cope with the economic fallout from the coronavirus outbreak. The law required that the SBA provide simplified forms within 24 hours of the legislation’s signing into law. This is to simplify the process of applying for forgiveness. Additionally, it included conditions that encourage banks in the community to lend more, especially to minority-owned businesses who had a difficult time getting loans in the past.

Teacher Loan Forgiveness Application Form 2014

“The Small Business Administration met the requirements to release the single-page form for loan forgiveness under the PPP within 24 hours of the date of enactment of 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 released the updated forms.”

First Draw PPP Loan forgiveness terms

Teacher Loan Forgiveness Application Form 2014 – First Draw PPP loans given to borrowers who meet the criteria are eligible for total loan forgiveness during the 8- to 24-week covered period following loan disbursement:

  • Pay and worker levels are ensured
  • The proceeds of the loan can be used to pay expenses for payroll or other eligible expenses.
  • A minimum of 60% of the proceeds are used to pay for payroll expenses

Second Draw PPP Loan Forgiveness The terms

Second Draw PPP loans granted to borrowers who are eligible can be granted complete loan forgiveness, if within the 8to 24-week time period after the loan’s disbursement

  • The First Draw PPP loan requires that the compensation and employee levels are maintained in the exactly the same manner.
  • The loan funds can be used to pay for payroll costs or other eligible expenses.
  • A minimum of 60% of proceeds are used to pay for payroll expenses
  • How do I request loan forgiveness and the time to apply

Once all of the loan’s proceeds have been used The borrower may apply to be forgiven. Borrowers may apply for forgiveness at any point up to the loan’s maturity date. If borrowers do not apply for forgiveness within 10 years of the end of the covered period the PPP loan payments are no longer deferred and the borrower will be required to make loan payments to their PPP lender.

Download Teacher Loan Forgiveness Application Form 2014

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