This page is available to provide links and information regarding the Paycheck Protection Program. It will be updated periodically to reflect new guidance and requirements relating to the Program. The last page update is May 13, 2020.
Round 1 –
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act provides up to $350 billion in fully forgivable loans to help small business maintain payrolls during the coronavirus pandemic. The loans are fully guaranteed by the Small Business Administration (SBA), but the SBA will waive all SBA guaranty fees. Paycheck Protection Program (PPP) loans are made for two years at a 1.0% fixed rate (originally .5% but was increased to get more financial institution buy in.)
All banks, as well as a broad range of nonbanks, are eligible to make PPP loans. Existing SBA-certified lenders will be given delegated authority. Other lenders must be approved before making loans.
On April 3, small business and sole proprietorships – generally, those with 500 or fewer employees – could apply for PPP loans. Independent contractors and self-employed workers could apply starting on April 10. PPP loans will be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities, with at least three quarters of the forgiven amount being used for payroll; forgiveness is based on the employers maintain headcount or quickly rehiring and maintaining salary levels.
- Interim Final Rule
- Paycheck Protection Program – FAQs (updated as of 05/03/2020)
- US Treasury The CARES Acts Works for All Americans
- SBA Paycheck Protection Program (overview, guidance, and links)
- Small Business Paycheck Protection Program overview (one-page summary)
- Lenders’ Information Sheet
- Borrowers’ information Sheet
- Borrowers’ Loan Application
- Interim Final Rule: Business Loan Program Temporary Changes; Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- Affiliation and Faith Based Organization Guidance
- NCUA Letters to Credit Unions 20-CU-06 Small Business Administration Loan Programs to Help Small Businesses and Members During the COVID-19 Pandemic
- NCUA How to Become a Paycheck Protection Program (PPP) Lender (slideshow)
- Regulatory Capital Rule: Paycheck Protection Program Lending Facility and Paycheck Protection Program Loans
On April 16, 2020 the SBA announced that it was no longer accepting applications for the PPP as funding was exhausted.
Of course, with a quickly released assistance Act, there were more problems that just running out of funds. Multiple class action suits were introduced claiming favoritism and non-compliance with the ‘first-come, first-served” requirement in the Act. (Frost, Wells Fargo, Bank of America, JP Morgan Chase, & U.S. Bancorp) And, some larger public companies were shamed into returning their loans.
Round 2 –
As a result of additional approved funding of $310 billion, on April 27, 2020, the SBA resumed accepting applications from participating lenders. The Act provides an additional $310 billion in PPP loans to help small businesses keep their employees on the payroll including $30 billion in guaranteed loans for lenders with less than $10 billion in assets and another $30 billion in guaranteed loans for lenders with $10 billion to $50 billion in assets.
The SBA also announced that it will cap the maximum dollar amount of funding authority that any one institution may receive to 10% of total PPP funding authority, exclusive of the $60 billion earmarked for lenders with assets under $50 billion.
- XML File Submission Process for Paycheck Protection Program (PPP) one-time batch submission instructions for > 5,000 loans. (No longer available.)
- Interim Final Rule: Business Loan Program Temporary Changes; Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- How to Calculate Maximum Loan Amounts – By Business Type
- Letter to Credit Unions 20-CU-11 Regulatory Treatment for Paycheck Protection Program Loans
- Interim Final Rule: Business Loan Program Temporary Changes; Paycheck Protection Program –Requirements – Disbursements
- Interim Final Rule: Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Promissory Notes, Authorizations, Affiliation, and Eligibility
- Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders
Treasury Secretary Steven Mnuchin stated that the SBA will conduct a full audit of PPP loans made in the amounts over $2 million to ensure the borrower’s legitimate economic need before they can be forgiven. Mnuchin said “it’s the borrowers who have criminal liability if they made this certification and it’s not true.”
The CFPB posted a blog which highlights fair lending protections for businesses seeking PPP loans.
- OCC Bulletin 2020-45 urges banks to “prudently document” their decisions for the PPP loans, and encourages banks to identify and track the PPP loans made to small business borrowers that have annual revenues of $1 million or less and are located in low- to moderate-income areas.
- Guidance on Participation Sales for Paycheck Protection Program Loans
- IRS Guidance on PPP Loan Forgiveness Tax Effects
- CFPB FAQs & Regulation B – ECOA
And of course, more lawsuits: An Illinois financial consulting firm filed a class action against multiple financial institutions for unpaid fees associated with assisting PPP applications with applying for PPP loans. In California, a group of businesses filed a lawsuit against the SBA and US Treasury challenging that the FAQs issued contradicts the CARES Act – essentially, whether businesses owned by large companies or private companies with adequate sources of liquidity are eligible for a Paycheck Protection Program (PPP) loan.
On May 6, the CFPB issued three clarifying FAQs regarding ECOA and Regulation B loan denial and adverse action notice requirements as they relate to the Paycheck Protection Program (PPP). The three FAQs provide the following clarifications of the requirements for notification of action:
- Notice of Action Taken. A PPP application is not determined to be a “completed application” under Regulation B for purposes of a notice of action taken until a creditor receives a loan number from the SBA or a response about the availability of funds. Once the creditor has received a loan number from the SBA or a response about the availability of funds, the creditor has 30 days to notify the applicant of the action taken on the application.
- Adverse Action Notice. If a creditor “refuses to grant” a PPP credit request without ever submitting the loan to the SBA, the creditor is still required under Regulation B to provide an adverse action notice within 30 days and provide the applicant with the specific reason for the denial.
- Denial for Incompleteness. If the creditor has received sufficient information from the applicant for a credit decision, but has not received a loan number from the SBA or a response about the availability of funds, under Regulation B, the creditor may not deny the application based on incompleteness. An application can only be denied for incompleteness if the application is missing information the applicant can provide—not the SBA.
- Business Loan Program Temporary Changes; Paycheck Protection Program –Requirements – Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request (May 08, 2020)
- Paycheck Protection Program (PPP) Report: Second Round Approvals from 04/27/2020 through 05/08/2020
- FDIC Statement of Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation of Oversight of Financial Regulators before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. “FDIC will not criticize any institution for relying on the certifications of a PPP borrower or for misrepresentations by a borrower, absent evidence of intentional fraud or misconduct by the institution, including in the event a borrower that received funds was subsequently deemed ineligible for the program or ineligible for loan forgiveness.”
- Federal Reserve publishes updates to the term sheet for the Term Asset-Backed Securities Loan Facility (TALF) and announces information to be disclosed monthly for the TALF and the Paycheck Protection Program Liquidity Facility (May 12, 2020)
May 13, 2020
On May 13, the SBA updated its FAQs to reflect a safe harbor to borrowers receiving PPP loans with an original principal of less than $2 million. These borrowers “will be deemed to have made the required certification concerning the necessity of the loan request in good faith –
46. Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?
Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.
SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns.
Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. SBA has previously stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform
the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request. SBA’s determination concerning the certification regarding the necessity of the loan request will not affect SBA’s loan guarantee.
On May 12, 2020, the FDIC Board of Directors authorized publication of a notice of proposed rulemaking that would mitigate the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Lending Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors of the Federal Reserve System. To provide certainty to insured depository institutions (IDIs) regarding the assessment effects of participating in these programs, the FDIC is proposing an effective date by June 30, 2020, and an application date of April 1, 2020, which would ensure that the changes are applied to assessments starting in the second quarter of 2020. Comments on the proposed rule will be accepted for seven days after publication in the Federal Register.
May 18, 2020
On May 15, the SBA released the application and instructions that borrowers must use to apply for forgiveness of their PPP loan. The application packet (11 pages) includes instructions, the Loan Forgiveness Calculation Form, calculation worksheets and instructions, and an optional Demographic Information Form.
May 20, 2020
The SBA updated their Paycheck Protection Program FAQs on May 19.
As of May 19, the SBA had approved 4.37 million PPP loans amounting to $512.9 billion across both PPP rounds, leaving more than $156 billion in appropriated funds available.
May 21, 2020
The SBA released guidance on the lender processing fee payment and 1502 reporting process.
- Requirements – Loan Forgigness
- SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
From the Lender Responsibilities:
2. The Loan Forgiveness Process for Lenders
a. What should a lender review?
For all PPP Loan Forgiveness Applications, each lender shall:
i. Confirm receipt of the borrower certifications contained in the Loan Forgiveness Application Form.
ii. Confirm receipt of the documentation borrowers must submit to aid in verifying payroll and nonpayroll costs, as specified in the instructions to the Loan Forgiveness Application Form.
iii. Confirm the borrower’s calculations on the borrower’s Loan Forgiveness Application, including the dollar amount of the (A) Cash Compensation, Non-Cash Compensation, and Compensation to Owners claimed on Lines 1, 4, 6, 7, 8, and 9 on PPP Schedule A and (B) Business Mortgage Interest Payments, Business Rent or Lease Payments, and Business Utility Payments claimed on Lines 2, 3, and 4 on the PPP Loan Forgiveness Calculation Form, by reviewing the documentation submitted with the Loan Forgiveness Application.
iv. Confirm that the borrower made the calculation on Line 10 of the Loan Forgiveness Calculation Form correctly, by dividing the borrower’s Eligible Payroll Costs claimed on Line 1 by 0.75.
Providing an accurate calculation of the loan forgiveness amount is the responsibility of the borrower, and the borrower attests to the accuracy of its reported information and calculations on the Loan Forgiveness Application. Lenders are expected to perform a good-faith review, in a reasonable time, of the borrower’s calculations and supporting documents concerning amounts eligible for loan forgiveness. For example, minimal review of calculations based on a payroll report by a recognized third-party payroll processor would be reasonable. By contrast, if payroll costs are not documented with such recognized sources, more extensive review of calculations and data would be appropriate. The borrower shall not receive forgiveness without submitting all required
documentation to the lender.
As the First Interim Final Rule indicates, lenders may rely on borrower representations. If the lender identifies errors in the borrower’s calculation or material lack of substantiation in the borrower’s supporting documents, the lender should work with the borrower to remedy the issue. As stated in paragraph III.3.c of the First Interim Final Rule, the lender does not need to independently verify the borrower’s reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified the payments for eligible costs.
b. What is the timeline for the lender’s decision on a loan forgiveness application?
The lender must issue a decision to SBA on a loan forgiveness application not later than 60 days after receipt of a complete loan forgiveness application from the borrower. That decision may take the form of an approval (in whole or in part); denial; or (if directed by SBA) a denial without prejudice due to a pending SBA review of the loan for which forgiveness is sought. In the case of a denial without prejudice, the borrower may subsequently request that the lender reconsider its application for loan forgiveness, unless SBA has determined that the borrower is ineligible for a PPP loan. The Administrator has determined that this process appropriately balances the need for efficient processing of loan forgiveness applications with considerations of program integrity, including affording SBA the opportunity to ensure that borrower representations and certifications (including concerning eligibility for a PPP loan) were accurate.
When the lender issues its decision to SBA approving the application (in whole or in part), it must include (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; and (3) the (optional) PPP Borrower Demographic Information Form (if submitted to the lender). The lender must confirm that the information provided by the lender to SBA accurately reflects lender’s records for the loan, and that the lender has made its decision in accordance with the requirements set forth in 2.a. If the lender determines that the borrower is entitled to forgiveness of some or all of the amount applied for under the statute and applicable regulations, the lender must request payment from SBA at the time the lender issues its decision to SBA. SBA will, subject to any SBA review of the loan or loan application, remit the appropriate forgiveness amount to the lender, plus any interest accrued through the date of payment, not later than 90 days after the lender issues its decision to SBA. If applicable, SBA will deduct EIDL Advance Amounts from the forgiveness amount remitted to the Lender as required by section 1110(e)(6) of the CARES Act.
When the lender issues its decision to SBA determining that the borrower is not entitled to forgiveness in any amount, the lender must provide SBA with the reason for its denial, together with (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; and (3) the (optional) PPP Borrower Demographic Information Form (if submitted to the lender). The lender must confirm that the information provided by the lender to SBA accurately reflects lender’s records for the loan, and that the lender has made its decision in accordance with the requirements set forth in 2.a. The lender must also notify the borrower in writing that the lender has issued a decision to SBA denying the loan forgiveness application. SBA reserves the right to review the lender’s decision in its sole discretion. Within 30 days of notice from the lender, a borrower may request that SBA review the lender’s decision by reviewing the loan in accordance with 2.c. below.
Enabling SBA to use the statutory 90-day period to review the PPP loan and forgiveness documentation is an appropriate procedural protection to prevent fraud or misuse of PPP funds, ensure that recipients of PPP loans are within the scope of entities that the CARES Act is intended to assist, and confirm compliance with the PPP requirements set forth in the statute, rules, and guidance. This protection is also important in light of the large number and diverse types of PPP lenders, many of which were not previously SBA participating lenders and which were approved rapidly in order to enable financial assistance to be provided as rapidly as feasible to millions of small businesses. SBA will use the 90-day period to help ensure that applicable legal requirements have been satisfied.
SBA will issue additional procedures on the process for advance purchase of PPP loans.
June 5, 2020
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), which amends provisions of the CARES Act and the Paycheck Protection Program (PPP) to provide borrowers greater flexibility and more time to make qualifying expenditures for loan forgiveness. H.R. 7010:
- extends the maturity period for PPP loans with remaining balances after applying for forgiveness to five years
- expands the covered period to the earlier of 24 weeks after origination date, or December 31, 2020
- provides forgiveness for business that are able to document their inability to rehire employees that were employed as of February 15, and business’ inability to hire similarly qualified employees for unfilled positions by December 31, 2020
- lowers to 60 percent of the loan for payroll costs for forgiveness (40% for mortgage interest (not prepayments), rent or utility payments
- allows deferral of principal and interest payments for one year after the SBA determines and notifies the lender, and
- allows businesses with forgiven loans to defer payroll taxes.
The Act takes effect immediately.
Related links (added 06/12/2020):
- PPP Borrower Application Form Revised June 2020
- PPP Lender’s Application – Paycheck Protection Program Loan Guaranty Revised June 2020
June 10, 2020
June 17, 2020
The SBA released a three-page Paycheck Protection Program loan forgiveness application which requires less documentation and fewer calculations than the previous form. Form 3508EZ applies to borrowers who meet any one of these three criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce annual salary or hourly wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
PPP Loan Forgiveness Application Form 3508EZ
Form 3508EZ Instructions for Borrowers
Loan Forgiveness Application Revised June 16, 2020
Form 3508 Instructions for Borrowers
Interim Final Rule: Paycheck Protection Program – Revisions to the Third and Sixth Interim Final Rules
June 23, 2020
The SBA issued an interim final rule implementing changes made to the PPP loan forgiveness process by the PPP Flexibility Act and other recent developments, including the SBA’s simplified Form 3508EZ forgiveness application.
June 25, 2020
b. Could I be ineligible even if I meet the eligibility requirements in (a) above?
You are ineligible for a PPP loan if, for example:
* * * * *
iii. An owner of 20 percent or more of the equity of the applicant is presently incarcerated or, for any felony, presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of, pleaded guilty or nolo contendere to, or commenced any form of parole or probation (including probation before judgment) for, a felony involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance within the last five years or any other felony within the last year; or
* * * * *
June 26, 2020
July 1, 2020
The Federal Trade Commission and U.S. Small Business Administration (SBA) have sent warning letters to six companies that may be misleading small businesses seeking SBA loans as a result of the coronavirus 2019 pandemic.
The letters highlight claims by the companies that could lead consumers to believe the companies are affiliated with the SBA, or that that consumers can apply on their websites for loans through the Paycheck Protection Program (PPP) or other programs authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
July 2, 2020
The American Institute of CPAs published a list of Q&As relating to restructuring of loans due to the pandemic and accounting for PPP loans.
July 6, 2020
The deadline for PPP applications has been extended to August 8, 2020.
On June 25, the SBA updated its Frequently Asked Questions document. Answers to question 12 I need to request a loan to support my small business operations in light of current economic uncertainty. However, I pleaded guilty to a felony crime a very long time ago. Am I still eligible for the PPP? and question 20 The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week or 24-week period; when does that eight-week or 24-week period begin? have been updated to reflect changes in the program. Question 49 has been added:
Question: What is the maturity date of a PPP loan?
Answer: If a PPP loan received an SBA loan number on or after June 5, 2020, the loan has a five-year maturity. If a PPP loan received an SBA loan number before June 5, 2020, the loan has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. The promissory note for the PPP loan will state the term of the loan.
July 14, 2020
The SBA provided guidance on the monthly Form 1502 reports that lenders must file on unpaid or unforgiven PPP loans. The report is due on the 15th of each month or on the next business day after the 15th if it falls on a weekend or holiday. For July only, SBA provided a two-day grace period, making the first monthly filing deadline Friday, July 17.
Monthly reports should be filed until all issued PPP loans are either forgiven or repaid in full, SBA said. The notice also includes newly added guidance on how lenders should report a canceled PPP loan on Form 1502.
July 16, 2020
The Federal Reserve Board on Wednesday [07/15/2020] announced an extension of a rule change to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier rule, the extension will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.
To prevent favoritism, the Board limits the types and quantity of loans that bank directors, shareholders, officers, and businesses owned by these persons can receive from their affiliated banks. However, these limits have prevented some small business owners from accessing PPP loans—especially in rural areas.
The SBA clarified in April that PPP lenders can make PPP loans to businesses owned by their directors and certain shareholders, subject to certain limits, and without favoritism. The Board’s rule change will allow those individuals to apply for PPP loans, consistent with SBA’s rules and restrictions. The change only applies to PPP loans.
The Board is providing the temporary change to allow banks to continue to make PPP loans to a broad range of small businesses within their communities. The SBA explicitly has prohibited banks from favoring in processing time or prioritization a PPP loan application from a director or equity holder, and the Board will administer its rule change accordingly.
The rule change is effective immediately and will be in place while the PPP is active. Comments will be accepted for 45 days after publication in the Federal Register.
July 24, 2020
On August 10 (“subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system”) lenders can begin submitting their loan forgiveness decisions to the SBA using a secure PPP Forgiveness Platform. All PPP Lender Authorizing Officials (AOs) currently in the CAFS/ETRAN system will receive a welcome email from SBA with instructions on how to access this platform.
The SBA states that it intends to issue a rule regarding borrowers’ appeals of SBA determinations that the borrower is ineligible for a PPP loan or ineligible for the loan amount or loan forgiveness.
August 5, 2020
August 12, 2020
The SBA added three new frequently asked questions to its FAQs on PPP loan forgiveness addressing how lenders should handle forgiveness applications for PPP borrowers who also received EID Loan advances.
The SBA also added two questions to its main PPP FAQs clarifying that whether fees are paid to an agent or other third party is immaterial to SBA’s guarantee of a PPP loan or to its payment of fees to lenders, and that vision and dental benefits do not count toward the cash compensation cap of $100,000 for PPP payroll costs.
The SBA released an interim final rule describing procedures by which a PPP borrower may appeal SBA loan review decisions to the agency’s Office of Hearings and Appeals. It also outlines circumstances when borrowers may request appeals.
August 25, 2020
On August 24, the SBA issued an interim final rule regarding loan forgiveness related to owners and specific non-payroll costs.
September 2, 2020
Democrats and Republicans on the House Select Subcommittee on the Coronavirus Crisis released reports assessing the Paycheck Protection Program. Republicans called it a “resounding success,” while the Democrats focused on fraud and abuse in the program.
September 24, 2020
The IRS has issued guidance directing lenders not to file information returns or furnish statements to borrowers to report the amount of qualifying loan forgiveness for covered loans made under the Paycheck Protection Program.
October 5, 2020
On October 2, the SBA issued a notice explaining the required procedures when an entity that has received a PPP loan experiences a change in ownership. Borrowers must notify their PPP lenders in writing prior to the closing of any covered change in ownership, which occurs when at least 20% of common stock or other ownership interest in a PPP borrower is sold or transferred, when the borrower sells or transfers at least 50% of its assets or when the borrower merges with or into another entity.
October 8, 2020
The SBA updated the PPP FAQs to address the deferral period extension granted by the PPP Flexibility Act of 2020. The extensions allows borrowers to defer payments for 10 months.
It has also been reported that the SBA notified lenders that it has begun remitting PPP loan forgiveness payments. To ensure successful payment processing, lenders should recheck their institutions settings within the PPP Forgiveness Platform. Once the SBA initiates a payment, details will be available on the Platform.
October 9, 2020
The SBA released a one-page loan forgiveness application (Form 3508S) for PPP loans of $50,000.00 or less (and together with affiliates received less than $2 million in PPP loans). The accompanying instructions state that the borrower must retain all documentation for six years after the date the loan is forgiven or repaid in full. The Interim Final Rule provides more information on the process.
October 14, 2020
The SBA Updated its FAQs on loan forgiveness to reflect that a borrower may submit a loan forgiveness application at any time before the loan matures.