On July 4, President Donald Trump signed an extension of the Paycheck Protection Program (PPP) into law. The Paycheck Protection Program resumed accepting applications on July 6, 2020, in response to the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
This extension provides an emergency federal loan for small businesses struggling because of the coronavirus pandemic. Recent reports state that there is approximately $130 million of funds remaining, out of $660 billion allocated. There is no new funding in the extension bill, just a continuation of what hasn’t been claimed.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Read more on forgiveness here.
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender.
Need assistance? Contact on of our experts at (888) 388-1040.
This information was last updated on 7-7-20 at 1:30pm.
