The deadline to apply for a loan from the Paycheck Protection Program (PPP), June 30, is fast approaching. The PPP has been the primary resource for small businesses to receive relief for maintaining payroll, hiring back employees and covering eligible overhead.
Legislation signed on June 6 extends the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks and lowers the percentage of a borrower’s loan proceeds that must be used for payroll from 75% to 60%.
- Small businesses must apply with a lender by June 30. SBA has approximately $100 billion available for relief.
- See state-by-state data here.