SBA Announces PPP Loan Forgiveness 

NAHC Report

Earlier this month, the Small Business Administration (SBA) announced an important deadline extension for certain Paycheck Protection Program (PPP) borrowers that could impact many entrepreneurs and small business owners.

Specifically, the SBA has set a new March 3, 2024 deadline for defaulted (PPP) borrowers with loans under $100,000 to apply for forgiveness. The new application deadline reflects a 60-day goodwill exception period dating back to January 1 to allow borrowers more time to get in good standing with the SBA. After this period, borrowers may incur non-forgivable fines, fees and be subject to other collection measures. 

NAHC has been contacted by the SBA to communicate the latest developments regarding these COVID relief programs. The SBA urges home health, home care and hospice providers to apply for PPP loan forgiveness or verify that their loans have already been forgiven through SBA before the March 3rd deadline. The SBAhas seen especially high rates of outstanding defaulted loans among home health care and hospice borrowers.   

If you are not sure about the status of your PPP loan, check here. 

The goal for the SBA is to help small businesses restore their good standing, improve credit scores, and remain eligible for future financial assistance.

Borrowers with defaulted PPP loans who have not applied for forgiveness by March 3rd, 2024 may accrue non-forgivable interest and fees or face other collection efforts. 

  • Apply for Forgiveness Today: The SBA urges PPP borrowers to apply for loan forgiveness without delay.  
    • Qualified borrowers with loans $150,000 and below can apply for forgiveness directly with our Direct Forgiveness portal, which takes most borrowers less than 15 minutes. Others should work with their lenders or contact SBA directly. 
    • Borrowers who need additional assistance can contact SBA at our dedicated forgiveness call center: 877-552-2692. The call center is open Monday through Friday from 8:00 a.m. – 8:00 p.m. ET. 
  • Additional costs for delinquent borrowers: Any borrowers who have not applied to have their PPP loan forgiven by March 4th may face additional non-forgivable fines, fees and other collection efforts.