Last Days to Apply for Paycheck Protection Program (PPP) Loan

Nevada District Office  - June 29, 2020

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Last Days to Apply for Paycheck Protection Program (PPP) Loan

 

June 30 is the Last Day SBA Can Approve Applications

There are only a few days left for small businesses, nonprofits, independent contractors and other eligible borrowers to access a forgivable loan through the Paycheck Protection Program (PPP). More than $128 billion in PPP funds are still available.  

The PPP is a loan designed to provide a direct incentive for small businesses and nonprofits to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 

PPP loans are made by more than 5,400 participating PPP lenders nationwide; and, guaranteed by the SBA. Interested borrowers apply with local lenders who then submit the application to the SBA for approval. 

The loan application process can take time, so don't wait. Apply now with a Find a PPP Lender

 

Learn More

 

Find a Lender


More Flexibility  

With the enactment of the PPP Flexibility Act, the covered period for loan forgiveness is extended from eight weeks after the date of disbursement to 24 weeks.  It also adjusts the minimum amount of loan proceeds borrowers use for payroll costs to qualify for forgiveness from 75% down to 60%.  It gives safe harbor from reduction in loan forgiveness as it relates to the inability of a business to return to previous business levels.  All of these new provisions provide greater flexibility for borrowers to qualify for loan forgiveness. 

Most PPP loans are going to smaller firms. The average loan size is $110,000.  Two-thirds of PPP loans are for $50,000 and under.  

More information about the PPP – including how to find a PPP lender, application forms, and the new simplified forgiveness and EZ forgiveness applications is available, in several languages, at www.sba.gov/paycheckprotection


Join SBA's Disaster Recovery Team

Join SBA's Office of Disaster Assistance where you can enjoy challenging but satisfying work as part of a highly motivated and diverse team helping families and businesses struggling to rebuild their lives after a disaster. We are seeking:

  • Call Center Customer Service Representative (CSR)
  • Document Preparation/Legal Review/Loan Closings
  • Loan Processing/Credit Analysis/Mortgage Underwriting
  • Program Support Assistant

Apply


Additional Resources for Small Businesses

The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Additional assistance includes:


For continued updates and information:

Visit www.sba.gov/coronavirus

 

Follow us on Twitter at @SBAgov and @SBA_Nevada

 

Subscribe to get email alerts at www.sba.gov/updates