PPP Loan Repayments May Begin Soon

PPP Loan Repayments May Begin Soon | Tax Accountants in Alexandria | Weyrich, Cronin & Sorra

The Paycheck Protection Program has issued over $798 billion in loans since its inception in April 2020.  Presently, only about half of that amount has been forgiven by the SBA.  Borrowers can apply for forgiveness any time up to the maturity date of the loan.  However, 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 payments to their PPP lender.

What Does this Mean?

Many borrowers applied and received a PPP loan in Spring 2020, which means a significant number of PPP loans will require payments to start this July or August if an application for forgiveness has not been submitted.  There are three different loan forgiveness applications that are available for borrowers: SBA Form 3508, SBA Form 3508EZ, and SBA Form 3508S.  Borrowers who meet specific requirements are allowed to use the shortened versions of the application.  In addition to these applications, the SBA recently announced that it will launch a new application portal allowing borrowers with loans of $150,000 or less to apply for forgiveness directly with the agency instead of having to go through their lender.


If you need assistance, WCS is here to provide guidance and support as you navigate through the PPP loan forgiveness process.  Please contact Brianne Baccaro Norris to arrange a time to discuss assistance with completion of these forms.

Recent News


Vote WCS for Cecil’s Best Accounting Firm

We're happy to announce that we're up for Cecil's Best Accounting Firm. Help us win this esteemed title by voting for us! Follow the link below…


Angeline White: 2023 Women of Influence Recipient

Please join us on April 26th from 4:30 - 7:00 pm for this great celebration of women! Click here to register.   Read our profile HERE…


Baltimore Sun Names WCS Winner of Top Workplaces 2022 Award

We're proud to announce that we've been named a Top Workplace by the Baltimore Sun for 4 years running! A big thank you to all employees who…

Connect with us

Use the form below to send us an email. WCS responds directly to all inquiries and general questions within 24 hours of posting.

This contact form is deactivated because you refused to accept Google reCaptcha service which is necessary to validate any messages sent by the form.