As we look to our businesses rebounding further in 2022 and ensuring compliance with new mandates and ongoing business regulations, we must also keep one eye on the calendar for other deadlines and obligations. Toward that end, and for those of you who received a Paycheck Protection Program (PPP) loan from the 2nd draw, authorized by the second stimulus bill (passed on December 27, 2020), the deadline for applying for forgiveness of that loan may be approaching. The PPP program officially ended on May 31, 2021 and the covered period of 2nd draw PPP loans was from 8 to 24 weeks with the deadline for submitting a forgiveness application being 10 months after your covered period ends. There are three types of forgiveness applications available: Form 3508S (used when the PPP loan amount was less than $150,000), Form 3508EZ (used when the headcount of employees didn’t lessen by more than 25%, or you couldn’t regain your original staffing levels due to COVID-related health guidelines), and Form 3508 (used when you are operating at the same capacity. Should a borrower not file for loan forgiveness within the requisite timeframe, then the loan will convert to a standard loan for a five-year term at 1% interest. Be sure to file on time!