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That is, borrowers have until at least mid-July 2021 to apply for forgiveness before payments are due on their loans. The very first borrowers who received PPP loans when the PPP opened on April 3rd, 2020 will have their deferral periods run out in mid-July, 2021. We are working closely with the SBA to ensure that no PPP loan customer loses his or her opportunity to seek loan forgiveness. What if my 10-month deferral period has passed? Do I have to begin making loan repayments even though I’m unable to apply for forgiveness through KServicing at this time?
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We are in communication with our existing customers regarding documentation necessary for loan forgiveness. We are working closely with the SBA for loan forgiveness requests. I don’t see where to apply for forgiveness with KServicing / Kabbage. If borrowers do not apply for forgiveness within ten months after the end of the maximum loan forgiveness covered period (24 weeks from the loan disbursement date), then PPP loan payments are no longer deferred, and borrowers must begin making loan payments to their PPP lender. Borrowers can apply for forgiveness any time up to the maturity date of the loan. How and when can I apply for loan forgiveness?Ī borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. SBA is currently only offering PPP loans originated by participating community financial institutions. Frequently Asked Questions: Is KServicing currently originating new PPP loans?Īt this time, we are focused on servicing existing PPP loans. These FAQs and other information from K Servicing are not designed or intended to provideįinancial, tax, legal, investment, accounting, or other professional.
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The content of these FAQs is for informational purposes only and is subject to change. Ultimate Guide to Paycheck Protection Program (PPP) Loans