This form was intended to help smaller businesses who have found the prospect of both applying for a PPP loan and past forgiveness formalities too overwhelming.
Be aware that even with a self-certification, a company can provide evidence of a decrease in revenue for up to four years after applying for waiver if there is a credit review on their credit. The second drawing loan application specifically states that a PPP loanee must “keep all records necessary to demonstrate compliance with the Paycheck Protection Program for four years for employment records and three years for all other records”.
4. If you don’t qualify for forgiveness, it’s still a low risk loan
Even if you don’t qualify for total or partial loan waiver, applying for a PPP loan is still one of the best bargains for a cash injection company.
“There’s the advantage of the interest rate, it’s still 1%,” said Brian Marks, professor of economics at the Pompea College of Business at the University of New Haven, Connecticut.
You must pay back an unforgivable PPP loan within five years. You can also pay it off early with no penalty or postpone repaying your loan for up to 10 months after receiving your money.