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The June 30, 2020 deadline for businesses to apply for the Paycheck Protection Program (PPP) is fast approaching. As most small and mid sized business owners are aware, the program has been a lifeline for some while a puzzle to others. Confusion over the initial requirements and a flawed roll-out of the application process from traditional banks added to the confusion. However, the program has provided over $512.27 billion as of June 12, 2020 for 4.58 million businesses.
There was also revisions to the program made on June 5th under the Paycheck Protection Program Flexibility Act. This extended the period in which the loan proceeds had to be paid back from 8 to 24 weeks. The flexibility act also expanded the portion of the funds that can be used for essential but non-payroll expenses from 25% to 40%.
Clarification over the Flexibility Act
For more information on how SBG Funding can help your business during these unprecedented times, visit our website to learn about the Paycheck Protection Program (PPP) or click here to apply now.
*SBG Funding is not an agent or lender for PPP loans. SBG Funding offers advisory services on a suite of commercial financing products and works with agents who specialize in helping small business owners looking to apply for PPP Loans. As part of our service we are happy to refer you to these agents and help guide you through the process at no charge. You are not required to change your banking relationship in order to apply either!
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