SBA Announces Updates to PPP Funding
***Important Information from the SBA***
Paycheck Protection Funds
After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through Community Financial Institutions, financial lenders who serve underserved communities. The SBA is committed to delivering economic aid through the many COVID relief programs it is currently administering and beyond.
We will keep you informed as we receive updates. We look forward to working with you and supporting your business needs.
Loan forgiveness will be similar to the first round; you have 8 – 24 weeks to spend the money and 60% must go to payroll expenses.
If you had an EIDL Loan the advance portion will not be deducted from the PPP forgiveness amount. If your loan has already been forgiven and the EIDL advance was deducted from your loan you will be reimbursed.