June 20, 2020

The Small Business Administration recently announced updates to their programs to assist small businesses with the COVID-19 pandemic.

Paycheck Protection Program (PPP)

The deadline to apply for the PPP is June 30^th.

When this program was originally announced earlier this spring, the condition for the loan to be forgiven (the loan essentially becomes a grant) was that a business would have to keep everyone on their payroll or re-hire laid off staff within 8 weeks. That deadline has now been extended to 24 weeks from the date of the loan being approved, or by December 31, 2020, whichever comes first. You can read more about the PPP on our website here or click here to get information from the SBA.

Economic Injury Disaster Loan (EIDL)

High demand had slowed down the process of getting applications to the EIDL program approved, and at one point, only agricultural business applications could submit new applications. As of June 15, the SBA is accepting new EIDL applications from all eligible small businesses and U.S. agricultural businesses. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. To learn more about eligibility and apply, click here and read the description on our website.