EDITOR’S NOTE: This press release has been updated from a version published on June 6, 2021 to include a recording of the webinar.
MINNEAPOLIS — Farmers and small business owners:
The Paycheck Protection Program (PPP) loan application deadline was extended to May 31, 2021.
If you got a PPP loan, it is time now to consider the PPP loan forgiveness process.
- PPP loan forgiveness is not automatic. You must apply for it.
- The window to apply for PPP loan forgiveness while principal + 1% interest payments are deferred is 10 months after the last day of the maximum 24-week “covered period” for your loan.
- If you miss the 10-month window, you can still apply for loan forgiveness, but you will begin making payments to your lender until loan forgiveness is approved.
- Your final opportunity to apply for loan forgiveness is the maturity date of your PPP loan.
Learn more about the PPP loan forgiveness application process, tax implications, and health insurance subsidy implications in a webinar recorded on Thursday, June 10, 12 pm – 1:15 pm.
Experts from University of Minnesota Extension Ag Business Management and Farmers’ Legal Action Group walk you through:
- Timelines of the PPP loan “covered period” and window to apply for loan forgiveness
- PPP loan forgiveness application process
- Tax implications of PPP loan forgiveness
- Health insurance subsidy implications of PPP loan forgiveness
This webinar is sponsored by Farmers’ Legal Action Group, Minnesota Farmers’ Market Association, Minnesota Institute for Sustainable Agriculture, Sustainable Farming Association, Minnesota Farmers Union, Land Stewardship Project, University of Minnesota Extension, and Minnesota NCR-SARE.
More information about PPP loans and loan forgiveness can be found on the Small Business Administration’s website.
— Sustainable Farming Association
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