fbp
PPP Loan Application Deadline Extended

Written by Rob Stott

July 10, 2020

ppp blog

PPP, PPP Loan Application Deadline Extended, Nationwide Marketing GroupContrary to popular belief, there is still plenty of funding to go around with the Paycheck Protection Program (PPP). While roughly $520 billion has been approved and — for the most part — distributed to some 4.9 million loan applicants as of early July, there’s still about $130 billion in funding up for grabs.

With that much still available, the Trump administration approved a five-week extension for small businesses to apply for funding. Which means you now have until August 8 to file a loan application.

“The PPP program has been a literal lifeline for millions of small businesses impacted by the COVID-19 pandemic, and instead of letting it expire tonight (June 30), the Senate has come together to unanimously pass our bill to extend it and continue providing desperately needed aid to small businesses,” Sen. Chris Coons (D-DE), one of the sponsors of the bill, said in a statement via Forbes.

The U.S. Small Business Administration (SBA) initially closed the application portal back on June 30, the date the program was set to expire. With the new extension signed by the president on July 3, the portal is once again open and accepting applications.

Since its initial launch in April, the PPP program has undergone a slight change. The rules for loan forgiveness were actually relaxed a little by Congress. At first, 75% of the PPP loan was required to be used for payroll purposes. Congress has since reduced that number to 60% of payroll.

Small businesses with 500 or fewer employees — including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships and independent contractors — are eligible. Businesses with more than 500 employees are eligible in certain industries.

More information on PPP loans is available through the SBA website.

 

Connect With Us!

More Podcasts

146: How Beko Has Built a Culture Around Convenience and Health

146: How Beko Has Built a Culture Around Convenience and Health

The commitment to creating products that promote convenience and a healthier lifestyle for the consumer (and world) at Beko is one of the things that sets the brand apart.

145: Crafting a Compelling Story — and Badass Products — with Austere

145: Crafting a Compelling Story — and Badass Products — with Austere

As a brand in its infancy, Austere should’ve stood no chance against a raging pandemic. But Ghazarian and her team created such a compelling brand story — not to mention some seriously awesome product — that the business not only survived, but is thriving.

144: Telesystem Shares Cybersecurity Tips for Retailers

144: Telesystem Shares Cybersecurity Tips for Retailers

Fresh off of Cybersecurity Awareness Month in October, we’re extending the conversation with Telesystem. Ira Feuerstein, manager of cybersecurity business development for the brand, shares a number of tips, tricks and fair warnings for retailers around protecting their data and educating their employees on this always-important matter.