Paycheck Protection Program has Reopened - Deadline to Apply is August 8th

The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program's extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.

How To Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender.

More information on the PPP loan program can be found at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

NOTE: with a recent rule change, SBA now allows fishing boat owners to include payroll costs that are attributable to crew members in their PPP loan applications. Previously, crew members had to apply separately. Fishing boat owners may include payroll compensation reported on Box 5 of Form 1099-MISC and paid to a crewmember as a payroll cost in its PPP loan application.

Notice of the rule change can be found at https://www.sba.gov/sites/default/files/2020-06/PPP%20--%20IFR%20--%20Fishermen%20%286.25.2020%20406pm%29.pdf