As if this year hasn’t been crazy enough, navigating through the Paycheck Protection Program (PPP) is also an eyebrow raiser. The big question lately is when to submit the loan forgiveness forms (3508, 3508EZ, and 3508S)? If you’re fearful that you might miss the 11/30/2020 deadline–which is displayed in the upper-right corner of the forms–don’t worry, we have good news for you!
The U.S. Small Business Administration (SBA) recently released a new entry in the loan forgiveness FAQs document addressing, “Is November 30, 2020 the deadline for borrowers to apply for forgiveness?”
The answer is no. Borrowers can submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from the loan origination.
If you’re like me and wondering, “Well then why the heck is that date printed on the loan?” The reason for the expiration date in the upper-right corner is for the SBA’s compliance with the Paperwork Reduction Act and it reflects the temporary expiration date for approved use of the forms.
Here’s another insider tip: the accounting lobby is currently advising businesses and nonprofits to WAIT to submit their loan forgiveness applications until Congress takes up a bill called the Paycheck Protection Small Business Forgiveness Act. This bill would create an easy, almost ‘automatic’ form for loan forgiveness for loans under $150,000. Now wouldn’t that be nice?!
So if your PPP loan was less than $150,000, we recommend you sit tight until this bill is addressed by Congress.
To read more helpful FAQ on PPP from the SBA, check it out here.
As always, our team is happy to answer questions and help your organization navigate current financial challenges. Give us a call at (321) 233-3311 or email email@example.com.
Welcome to the Blue Fox Blog! A fairly entertaining source of info and news related to our company, nonprofits, social sector trends, and, of course, accounting. Enjoy!
Client CASE STUDY: One of The Most Financially Sustainable Nonprofit Orgs We Know
Blue Fox + Bill.com = Clean Audits & Happy Clients
What Fuels Financial Sustainability?
The Magical Nonprofit Financial Ratio Matrix
Dear COVID-19, I'm Breaking Up With You
The Latest COVID-19 Resources for Nonprofits
10 Reasons to Outsource Your Nonprofit Accounting
6 Step Guide To Build Donor Trust
Our Favorite Resources for Nonprofit Fundraisers
3 Vital Resources for Nonprofit Start-ups
2020 Nonprofit Trend: The Virtual CFO
How to Make Your Nonprofit Recession-Proof
What Nonprofits Need to Know About the New Overtime Ruling
Double-entry Accounting Made Easy - Essential Desktop Guide, Free Download
Blue Fox CEO Named
As Keynote Speaker for Nonprofit Hub's Cause Camp 2020
5 Steps to Solving Complex Workflow Problems
The Hidden Cost of Wearing Too Many Hats
The Key to Workplace Success - Investments in Professional Development
Accounts Payable Made Easy - The Marriage of Bill.com and QuickBooks Online
Nonprofits - It's Time to Automate Your Back Office
How to Engage Your Board of Directors in Financial Conversations
How to Join the Social Enterprise Movement
Kindness Leads to More Profit & Productivity
Don’t Ignore This Nonprofit Management Advice
Building Blocks for A More Just, Equitable, and Inclusive Work Environment
QB Tip of the Month: How to Use Classes for Painless Grant Writing
Nonprofit Leaders - Talk Finance and Empower Your Staff
When to Hire An Accountant for Your Social Impact Org
Why Outsource Your Accounting?
That Time I Went to Cause Camp
Impact Investments in Yourself
Are You Paying Too Much for Payroll?
Financial Dashboards - Capture Attention, Create Conversations, Drive Results!
Don't Let FinTech Scare You - Our Top 4 Back Office Tech
The Wonderful World of Micro-Donating!
The Case for Kindness in Business
How Nonprofits Build Donor Trust: Be Transparent
5 New Year’s Resolutions for Sustainable Nonprofits
Why We’re on a Mission to Help Conservation Organizations
Money Matters - So Why Aren’t More Nonprofits Talking About It?
Tips to Get You A Clean Audit Every Year
Blue Fox Teams Up With Bloomerang to Develop Nonprofit Resources
Blue Fox Earns Better Business Bureau Accreditation
Blue Fox Launches Protected By Logo
Blue Fox - The Origin Story