The new guidance, found in question No. 52 in the SBA’s frequently asked questions document for the PPP, clarifies that the deferral period extension automatically applies to all loans–10 months after the end of the borrower’s loan forgiveness period. Previously, the deferral period could end after 6 months.

Clients may still want to wait to apply for PPP loan forgiveness for tax planning purposes and as we wait for further guidance. We continue to monitor legislative updates daily and will update you as we receive new developments. It’s truly a privilege to be your strategic advisor for the CARES Act-Paycheck Protection Program (PPP).

Reminder: It’s important that you coordinate with all grants, PPP loans or other economic development stimulus relief that you have received. CDS can help you navigate.