APPLICATION WINDOW FOR PPP LOANS EXTENDED THROUGH AUGUST 8, 2020

Small businesses grappling with the economic downturn caused by COVID-19 can still apply for a Paycheck Protection Program (PPP) Loan through August 8, 2020. The PPP fund created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act still has close to $129 billion in funding, and qualifying businesses may apply for loans of up to $10 million.

In general, to be a qualifying business, you must have 500 or fewer employees. Under the latest rules governing the PPP program, the loans are capable of complete forgiveness so long as payroll and accounting can show that 60% of the loaned funds went to covering payroll. The other 40% must go to covering mortgage interest, rent, or utilities in order for full forgiveness to apply. The amount of forgiveness may be reduced based on any percentage of the loan not spent or spent on non-eligible costs, decreases in the amount of your business’s employees, and decreases in salaries or wages paid to employees.

If you think a PPP loan may be a good option to help your small business at this time, you can find more information on the Small Business Administration’s on their website. There are no costs to the borrower to apply for these loans. You can apply at any institution insured by the FDIC, which includes your local bank or credit union.