If you were shut out of Paycheck Protection Program (PPP) funds when those funds ran out, there is relief in sight. This week the Senate and the House of Representatives passed a new coronavirus relief package that includes $310 billion in funds for the Paycheck Protection Program (PPP), as well as an additional $60 billion reserved for smaller lenders (those with assets under $50 billion). The President signed the Bill Friday, April 24, 2020.
Small businesses (defined as 500 or fewer employees and including sole proprietors, self-employed and independent contractors) should be compiling the documents needed for the application process. If an application was filed prior to funds running out, businesses should check with their lender to make sure the lender has all of the information needed to submit to the SBA for approval.
Small businesses have until June 30, 2020 to apply for the PPP. However, given how quickly the first round of funding was depleted, no business should delay in applying. For additional information on the program, watch this 30 minute video that discusses the program, along with FAQs on the PPP and other borrowing options.