The Paycheck Protection Program (PPP2) Payback Deferral deadline is quickly approaching, with rolling deadlines starting April 25, 2022.
At this time, all PPP2 forgiveness periods have ended. However, loan payments do not kick in for ten months after the forgiveness period has ended.
You might have found it easier to use the 24-week forgiveness period option, which had the earliest end date of 6/29/21, as noted below. This means your loan payments do not kick in until 4/25/2022.
One consideration to keep in mind while submitting the forgiveness application is the interaction with the Employee Retention Credit (ERC). If you have an ERC during Q1-Q3 2021, you will want to talk to our team on the best way to maximize both the ERC and PPP2 before submitting a PPP2 forgiveness application.
For those wanting to submit PPP2 forgiveness applications, the time is now! Please contact your PKF Mueller representative to discuss your specific situation. As always, planning can help you maximize your financial situation and position you for greater success.
For more information please contact:
Scott Anderson, CPA, CTA
Manager, Consulting Services
+1 630 524 5259