Paycheck Protection Program Update
Paycheck Protection Program changes made on June 5, 2020 did not include an extension on the application period.
Application’s will not be accepted after June 30, 2020 or sooner if funding runs out.
A list of local banks still accepting applications is HERE
On June 12, 2020 the SBA released the PPP loan allocation has $129,753,635,070 of funding still remaining and lending institutions have approved $512,271,684,146 of loans since PPP began in April 2020.
As a reminder, the changes from June 5, 2020 include:
An extension in the timeframe to use funds from eight weeks to 24 weeks
Businesses can now use 60% of the funds on payroll (before, it was 75%).
Businesses now have until December 31, 2020 to rehire employees
Five years to repay loans instead of two
Businesses can defer payroll taxes
1% interest rate on the loans remains the same.
If you applied for funding and were denied, you do have other options and I can direct you to resources. Please reach out.
Thank you for all you do in our community!