With no co-operation in Congress what's next for Automatic Forgiveness

by nkaufman11. Posted on Sep 14, 2020    8    7

Many lenders including mine were holding out for the bills for Automatic Forgiveness to pass and hence the portals they'd created for Loan Forgiveness didn't open for loans under 150K.

Not that there is any rush but it does not seem likely that anything will happen till after the election.


electric29 1

Nobody knows!
Our bank is also getting nervous about it.

ognnosnim 3

Just have to apply for forgiveness as the lenders open up the platforms to apply for it. I just applied for it with LoanBuilder (PayPal) yesterday online. Chase Bank still has not opened up the application process as of yet.

UncleFishKiller 2

That's the kicker really, some banks are "waiting for more guidance" so this could go on for months

ognnosnim 1

When is the deadline to apply for forgiveness? I would think the lenders will be forced to open forgiveness applications when the deadlines approach.

powerlender 1

you have ten months from when the funds were disbursed to apply for the forgiveness.

  nkaufman11 1

Are you sure about that?

I've seen it stated as 10 months AFTER the end of your loan's covered period (8 weeks or 24 weeks)

UncleFishKiller 1

I'm not sure they have given a deadline but the term ends Dec 31st so at the very minimum we would have until then and likely 30-60 days beyond to apply for forgiveness.