PPP Application Extension to August 8th

July 7, 2020

 

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 sbdc@pace.edu 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.

 

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