Time is quickly running out for small business owners to apply for the Paycheck Protection Program (PPP) with local SBA Lenders.
The SBA wants to be sure you take advantage of the remaining $125B available to support small businesses, and recommends your application be submitted to the lender of your choice by June 20 to allow plenty of time for approval by June 30.
And as of June 5, 2020, new applicants have more flexibility under the recently approved PPP-Flexibility Act (PPPFA):
- Extends the maturity for loans made on or after June 5, 2020 from two years to five years.
- Extends the covered period from June 30, 2020 to December 31, 2020 for forgiveness of PPP loans.
- Extends the covered period for the use of loan proceeds from eight weeks to 24 weeks.
- Provides a safe harbor for small businesses from the rehire requirements if the business owner can document their inability to hire employees for unfilled positions by December 31, 2020 or their inability to return to the same level of business activity because of federal COVID requirements pertaining to social distancing, sanitation, and worker safety.
- Allows borrowers to use 60 percent of the loan amount for payroll costs and up to 40 percent for debt obligations, including interest on a mortgage, rent payment, or utility payment.
- Extends the deferment period for loans retroactively until the amount of forgiveness is remitted to the borrower by the lender (the deferment period ends for all borrowers 10 months after the end of the covered period).
- Delays the payment of employer payroll taxes until January 1, 2021 for PPP borrowers.
SBA Houston PPP Webinars June 15-19:
PPP Loan Forgiveness
The SBA Houston District Office will walk you through the latest issued official guidance.
Monday 06/15: CLICK HERE
Wednesday 06/17: CLICK HERE
Friday 06/19: CLICK HERE
Paycheck Protection Program/EIDL Overview
PPP funds are still available, but program ends June 30th. EIDL is open to agricultural businesses only. Learn how to apply for a PPP loan and the basics of the program.
Tuesday 06/16: CLICK HERE
Thursday 06/18: CLICK HERE
Q&A with SBA Leadership (limited to 1st 30 participants)
SBA Leadership will answer your PPP and disaster recovery questions in this 30 min. daily interactive session.
Monday June 15-Friday June 19
ID: 731 6366 9195