Milton borrowers are reminded to apply for Paycheck Protection Program (PPP) loan forgiveness before deadlines expire.
A borrower can apply for forgiveness once all loan proceeds for the borrower is requesting forgiveness for have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan.
If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
Business owners should contact their PPP lender for specific information. Additional Information: www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness.
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