5 Things You Should Know About the Paycheck Protection Program (PPP)
1. There is more than $130 billion in PPP funding still available ... and now, more flexibility too.
PPP funds are still available for small businesses, independent contractors, nonprofits and tribal businesses whose operations were impacted by the Coronavirus outbreak. And with the enactment of the Paycheck Protection Program Flexibility Act, there is more flexibility, such as the extension of time to spend loan proceeds from eight weeks to 24 weeks and the expansion in the percentage of funds that can be used for non-payroll expenses. Read more in this joint statement from SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.
2. The last date on which a PPP loan application can be approved is June 30, 2020.
While many extensions and flexibilities were enacted with recent legislation, one date still remains: the last day a PPP loan application can be approved is June 30, 2020. That means now is the time to apply for a PPP loan before time runs out. Find a PPP lender -- or even review PPP materials in 17 languages -- by visiting www.sba.gov/paycheckprotection.
3. SBA Resource Partners can help you with the PPP application or loan forgiveness process.
Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are helping small businesses navigate through the PPP process. Plus, they are working with businesses on their individual recovery plans. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resources for Small Business website.
4. We want to know how the PPP has helped your business.
We've been answering a lot of questions from businesses about the PPP process along the way. Now we want to hear the end result. Tell us your story of how the PPP has helped your business and your employees.
5. Report fraud to the SBA Office of Inspector General.
While new programs are helping people through difficult times, unfortunately, it comes with new avenues for scams and fraud. If you suspect fraud on an SBA program or want to learn more about known scams and alerts, visit the SBA Office of Inspector General website.
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