PPP: 5 things to know today

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Pacific Northwest Region - July 6, 2020

u s small business administration
PPP, U.S. Small Business Administration

The SBA began accepting new PPP applications this morning. Here's what you should know: 


1.  The new deadline to submit a PPP application is Aug. 8, 2020.

In response to the Paycheck Protection Program Extension Act, the SBA began accepting new PPP applications at 6 a.m. PDT this morning. Connect with one of thousands of PPP lenders to submit an application for this forgivable loan now.

Find a lender

 

2. More than $130 billion in PPP funding is available. Use the new how-to guide to calculate your maximum PPP loan amount.

The PPP loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loan will be fully forgiven if the funds are used for payroll costs (at least 60% of the forgiven amount), interest on mortgages, rent and utilities. And important to the Pacific Northwest, fishing boat owners may include payroll costs that are attributable to crewmembers. Check out this recently released guidance to assist you in calculating payroll costs.

Calculate PPP loan amount

 

3. Several types of organizations and individuals are eligible to apply for the PPP.

More than just small businesses are eligible for PPP funds. Tribal businesses, nonprofits, faith-based organizations, sole proprietors, independent contractors and those who are self-employed are among those who can benefit from this forgivable loan program. Eligibility has also been expanded for businesses with owners who have past felony convictions. 

Who can apply

 

4. PPP is keeping millions of Americans employed.

More than 200,000 small businesses in the Pacific Northwest Region (Alaska, Idaho, Oregon and Washington) have received nearly $23 billion in PPP funds. In fact, approximately 79% of estimated small business payroll in the Pacific Northwest was covered by PPP loans. Nationally, the PPP supports 51.1 million jobs. 

View PPP results

 

5.  Forgiveness applications and instructions have been simplified.

PPP loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. The loan forgiveness form and instructions were recently revised to reduce compliance burdens and simplify the process for borrowers. This includes step-by-step instructions and an EZ Loan Forgiveness Application option.

Start forgiveness process