Applications for SBA Paycheck Protection Program due by next Saturday Featured

Applications for SBA Paycheck Protection Program due by next Saturday SBA Courtesy Image

A major deadline for businesses impacted by the COVID-19 pandemic is coming next week.

Applications for the Small Business Administration's Paycheck Protection Program are due by Saturday, Aug. 8 to be authorized by the SBA. Businesses wishing to apply for the program are told to contact their local lender as soon as possible.

If you do not have a lender or need to locate the nearest lender to you, visit sba.gov/paycheckprotection/find.

The PPP program allows companies with up to 500 employees to receive a low-interest loan to cover up to two months of payroll and additional expenses. If those companies meet certain guidelines at the conclusion of that two month period the loan could be forgiven and essentially converted into a grant.

The program was out of commission for a brief time in mid-April after exhausting all available funds just 13 days after its initial launch. the program resumed less than two weeks later on Apr. 27 after an additional $320 billion was allocated to the SBA from the federal level.

For more information on the Paycheck Protection Program visit sba.gov.

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