If you are currently making principal and interest payments because your loan has passed its deferral period:
If a borrower doesn’t apply for forgiveness within 10 months after the last day of their Covered Period, then PPP loan payments are no longer deferred, and loan payments must be made to the lender. You must continue to make payments until your loan forgiveness application has been submitted AND has been fully approved by the Small Business Administration.
If you have started a loan forgiveness application but have not yet submitted it for SBA review:
Any PPP loan forgiveness application that was in-process prior to March 1, 2021, has been impacted by SBA-mandated changes to the application forms. Any information previously entered has been transferred to the new version of the PPP Loan Forgiveness application that is appropriate for your loan amount.
If you have not yet started a loan forgiveness application:
Any People’s United Bank customer that wishes to begin a new PPP loan forgiveness application may do so now using our online application portal.