Paycheck Protection Program Closed to New Applicants
As of May 31, the SBA’s Paycheck Protection Program (PPP) was closed to new applicants. The Wall Street Journal reported that the program closed as funding was on track to be exhausted, marking the end of the $ 961 billion emergency fund. The Small Business Administration’s website officially says the PPP ended on May 31, 2021, however, existing borrowers may be eligible for PPP loan forgiveness. Offered as an SBA-backed loan program that helped businesses keep their workforce employed during the COVID-19 crisis, it was created under the Cares Act in March 2020. It offered loans that could be forgiven provided recipients used the funds to retain workers and on other allowable expenses. Indeed…
“Even after the program’s close, the agency will have another month to process loan applications that were already submitted. The SBA also has thousands of pending forgiveness requests, and millions more will likely follow.” WSJ.com
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