One Week Left to Access More Than $128 Billion in Available Paycheck Protection Program (PPP) Funds
June 30 is Last Day SBA Can Approve PPP Loan Applications
SEATTLE, JUNE 2020.
There is one week left for small businesses, nonprofits, independent contractors and other eligible borrowers to access a forgivable loan through the Paycheck Protection Program (PPP). June 30, 2020 is the last day the U.S. Small Business Administration (SBA) can approve PPP loan applications. 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 4,500 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 SBA has streamlined many of its lending processes to accommodate the high volume of PPP loans. Yet compiling paperwork for a commercial loan still takes time. That’s why we urge small business and eligible organizations who can benefit from this forgivable loan to apply now,” SBA Pacific Northwest Regional Administrator Jeremy Field said. “If you wait to start the process June 30, it will be too late. I don’t want to see any of our valuable local businesses leave money on the table.”
