Title 1 Loan Forgiveness Form 2013

Title 1 Loan Forgiveness Form 2013

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

The COVID-19 relief package that Congress passed last month revived the PPP with $284 billion in funding for small businesses seeking forgiven loans to help to deal with the effects of economic collapse from the coronavirus pandemic. The law required that the SBA provide simplified forms within the first 24 hours of the legislation’s signing into law. This was done to simplify the process of applying for forgiveness. The legislation also contained conditions to encourage banks in the community to lend more specifically to minority-owned companies who were unable to obtain loans in the past.

Title 1 Loan Forgiveness Form 2013

Ed Zollars, a partner with Thomas, Zollars & Lynch CPAs and said that the Small Business Administration fulfilled the requirement to issue the one-page PPP form loan forgiveness within 24 days from the date of enactment under the Consolidated Appropriations Act, 20,21. The article was posted on the Current Federal Tax Developments blog of Kaplan Financial Education. “The agency also released new forms.”

First Draw PPP Loan forgiveness terms

Title 1 Loan Forgiveness Form 2013 – First Draw PPP loans made to eligible borrowers qualify for total loan forgiveness within the 8-to 24 week period that follows loan disbursement:

  • This is also true for employee compensation and the.
  • The proceeds of the loan can be used to pay expenses for payroll or other eligible expenses.
  • At least 60% of profits are used for the cost of payroll

Second Draw PPP Loan Forgiveness Conditions

Second Draw PPP loans to qualified customers are eligible for loan repayment if the loan is paid within an 8 24-week period.

  • Employee and compensation levels are maintained in the same way in accordance with the First Draw PPP loan
  • The loan proceeds are spent on payroll expenses and other expenses that are eligible and
  • A minimum of 60% of proceeds are used to pay for payroll expenses
  • How to request loan forgiveness and when to apply

The borrower is eligible for forgiveness after the loan’s proceeds for which the borrower has applied for forgiveness have been used. Borrowers can request forgiveness at any point up to the date at which the loan matures. If borrowers do not apply for forgiveness within 10 years of the end of the time period that was covered, then PPP loan payments can not deferred any longer, and borrowers must make loan payments to their PPP lender.

Download Title 1 Loan Forgiveness Form 2013

Gallery of Title 1 Loan Forgiveness Form 2013


Leave a Reply

Your email address will not be published.