The SBA updated its frequently asked questions on the Paycheck Protection Program with guidance on maturity dates.
The latest FAQ notes that PPP loans that received an SBA loan number on or after June 5, 2020, have a five-year maturity. Loans that received an SBA loan number before that have a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years.
The SBA separately released an interim final rule with updated guidance on calculating payroll costs of certain fishing boat owners.
ICBA continues calling on community bankers and small-business owners to urge the Treasury Department and SBA to enact additional PPP simplifications, including a loan-forgiveness calculator and presumption of compliance for certain loans.
Questions on submitting 1502 reports can be directed to SBA's Fiscal and Transfer Agent, Colson Services Corp., at info@colsonservices.com or 877-245-6159. Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.