The Paycheck Protection Program (PPP) application date has been extended until August 8, 2020 by the Federal Government. PPP loans provide a direct incentive for small businesses to keep their workers on payroll, and eligible small businesses and non-profit organizations apply directly through participating lenders.
As a reminder, small businesses are eligible for loan forgiveness if all employees are kept on the payroll for eight weeks and at least 60% of the loan was used for payroll expenses. Loan amounts are calculated as up to eight weeks of average monthly payroll (based on 2019 figures) including benefits, plus an additional 40% of that amount used for rent, mortgage interest, or utility payments made before February 15, 2020, up to a maximum of $10 million.
Check out the Pace SBDC’s PPP webpage or contact a Pace SBDC Business Advisor at firstname.lastname@example.org with any PPP application questions. For your reference you can also go to links to the revised PPP application, a new PPP EZ Application, and the PPP loan forgiveness application.