The United States Small Business Administration’s Paycheck Protection Program (PPP) applications re-opened Monday, April 27, 2020 at 10:30 am EDT. Your practice may be eligible to apply. The PPP now has an additional $310 billion, with $60 billion reserved for smaller banks and lenders, such as credit unions and community banks. The PPP offers loans for small businesses (targeting 500 or fewer employees) to keep workers on the payroll. PPP loans may be forgiven if all employees are kept on the payroll for eight weeks from the date of fund disbursement, and funding is used for payroll, rent, mortgage interest, or utilities. Businesses may be eligible to receive up to $10 million. The deadline to apply is June 30, 2020,but we recommend applying as soon as possible through your bank or credit union.
here to view a map of participating lenders near
Requirements will vary depending on the lender you work with. Ask your lender if you will need to provide additional documentation for your application. Please note, borrowing PPP funds may affect your eligibility to claim the Employee Retention Tax Credit. We recommend you review this program as well. The deadline to apply is June 30, 2020, but, again, we recommend applying as soon as possible. Please visit the program website for more information about eligibility and additional guidance on the application process.