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

124: Castle Rental & Pawn Talks NIL Deal with Local College “Rental” Athlete

124: Castle Rental & Pawn Talks NIL Deal with Local College “Rental” Athlete

The stars aligned perfectly for Enos Barger, managing partner at Castle Rental & Pawn, to sign an NIL deal with a local college athlete and recent transfer student. But theirs is a situation that other independent business owners can learn from and look to capitalize on in their own markets.

123: Celebrating 70 Years of Queen City Audio Video & Appliances

123: Celebrating 70 Years of Queen City Audio Video & Appliances

Started as a TV repair shop in 1952, Queen City Audio Video Appliances has grown into a widely successful independent retail business in the Charlotte, NC market. As they celebrate 70 years in business, we sit down with second-generation owner Roddey Player and his kids Roddey Jr. and Kate to talk about the company’s legacy, their expansion efforts and more.   

122: Brand Story Time with Todd Getz from GE Appliances

122: Brand Story Time with Todd Getz from GE Appliances

A lot fo work and effort goes into crafting an effective brand story. Just ask Todd Getz, Executive Brand Director for GE and GE Profile, who has made stops at Coca-Cola, P&G and Colgate Palmolive before landing in Louisville. Todd shares his experience at GEA and dives into some of the things he’s working on.