Do I have to pay back a PPP loan immediately? Jack McNeilly June 10, 2020 18:36 Updated No. There is an automatic 6-month payment deferral on this loan. However, interest will accrue during this period. Related articles Are there any fees associated with the PPP loan? Can a PPP loan be forgiven? How can my PPP loan be forgiven and by how much? What is the term length of the PPP? Is there a prepayment penalty for the PPP? Comments 0 comments Article is closed for comments.