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Read MoreWhen do I have to apply for forgiveness?
Finally there is an optional PPP Borrower Demographic Information Form. It's up to you whether you want to fill this out though it may be helpful to understand the demographics of business owners served by this program.
More FAQs About PPP Forgiveness
There have been a number of questions answered by the SBA, and they have been gathered in the Interim Final Rule published . We recommend you review that document carefully. There are still unanswered questions, however, so more guidance may be coming.
Generally, you can apply for forgiveness after you've spent your PPP funds (after your “covered period.”). However, note that a borrower applying for forgiveness of a Second Draw PPP Loan that is more than $150,000 must submit the loan forgiveness application for its First Draw PPP Loan before or simultaneously with the loan forgiveness application for its Second Draw PPP Loan.
If you delay too long, however, you may have to start making payments on the loan.
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