The SBA issued the following guidance regarding the PPP loan maturity date on June 25, 2020:

  • 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.