• Time is Running Out for Small Businesses to Access Paycheck Protection Program (PPP) Funds

    June 16, 2020
    June 30, 2020 is the final date on which a PPP loan application can be approved
     
    More than $130 billion in Paycheck Protection Program (PPP) funds are available for small businesses, independent contractors, nonprofits and tribal businesses.
     
    The PPP is a forgivable loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
     
    Interested borrowers can apply for a PPP loan through one of 5,500 participating lenders including banks, credit unions, Community Development Financial Institutions (CDFI), Minority Depository Institutions (MDI), Farm Credit Lenders, and Microlenders. Plus, information and forms are translated into 17 languages.
     
    Last week, new and revised PPP guidance was issued that expands eligibility for businesses with owners who have past felony convictions.
     
    Soon the SBA, in consultation with the U.S. Department of the Treasury, will issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the Paycheck Protection Program Flexibility Act.