With the recent Paycheck Protection Program changes included in the COVID-19 relief package signed into law on Dec. 27, 2020, you may want to let the dust settle before applying for loan forgiveness. But don’t take too long, one expert warns. “If a borrower does not apply for loan forgiveness within ten (10) months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred, and the borrower must begin making payments on the loan,” warns consulting firm The Health Group in Morgantown, West Virginia. For example: “A borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins,” the firm explains in its electronic newsletter.