Paycheck Protection Program Resumes April 27
The Small Business Administration (SBA) will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower.
The Paycheck Protection Program and Health Care Enhancement Act, signed into law on April 24, boosts funding for the Paycheck Protection Program and Economic Injury and Disaster Loan (EIDL) program by $310 billion. A portion of the funds will be granted by smaller lenders that cater to truly small, local businesses. $60 billion will be granted by SBA-approved small banks, community financial institutions, and credit unions. The $60 billion will be split evenly between institutions with less than $10 billion in assets and those with between $10 billion and $50 billion.
The PPP, created under the CARES Act, provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.
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