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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.
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