 The SBA PPP (Paycheck Protection Program) application period has been extended to May 31, 2021.
Businesses that have not applied in 2021 for a first draw or second draw (those that took PPP in 2020) will have an extended opportunity to use this program, if desired. PPP is a loan that can convert to a grant if certain criteria are met. PPP can be used for payroll, benefits, mortgage, rent, and utilities. PPP issues that remain a loan and do not convert to grant in 2021 have a term of 5 years with an interest rate of 1%. Sole Proprietors, Independent Contractors, and Self-Employed Persons are eligible this round. PPP applications are accepted through financial institutions that are deemed “partners” by the SBA and include banks, credit unions and Community Finance providers such as CDFIs (Community Development Financial Institutions). More on the program and an SBA financial partner list can be found here. Press Release from the SBA can be found here.
6 Comments
7/17/2023 05:07:16 am
It's fantastic to hear that the deadline for PPP applications has been extended. This extension provides businesses with more time to apply for the financial assistance they need during these unprecedented times. Thank you for sharing this important update and helping businesses stay informed about the opportunities available to them. Your efforts are greatly appreciated! 12/19/2023 04:39:57 pm
The fact that PPP loans can potentially convert into grants is a game-changer for many, and your explanation of the program is clear and concise. It's heartening to see that even sole proprietors and self-employed individuals can benefit from this round of PPP. Thanks for being a valuable resource and helping businesses stay informed and resilient. 12/22/2023 12:15:27 am
BHCU Savings has consistently been a reliable source of financial information and support. I wanted to express my appreciation for the update on the PPP application extension. With the new deadline of May 31, 2021, small businesses have more time to navigate the application process and secure the financial relief they desperately need. 12/26/2023 12:30:54 am
The "Biz Buzz" Chamber Blog is a fantastic resource for those interested in the business landscape and community events. Local chambers of commerce play a pivotal role in promoting economic growth and collaboration, and this blog seems to reflect those values. I'm eager to engage with the blog's content and stay informed about the latest happenings in the business world. 12/18/2024 06:28:51 am
What does the extension of the PPP application deadline to May 31, 2021, mean for small business owners? Leave a Reply. |
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