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The Paycheck Protection Program may still have some life in it. During two rounds of stimulus over the past few months, businesses received over $500 billion in loans through the PPP. Even so, more than $100 billion in the program was unclaimed when the application deadline expired on June 30.
Hating to see money sit idle, Congress has already agreed to extend the PPP application deadline to August 8. It’s not a done deal, though, until President Trump signs the extension.
Assuming that he does, small business owners like you may get another chance to borrow money that you don’t have to pay back. If you’re shaking your head because you already got your loan, or because the program is too complicated, or because you think the deck is stacked against small business, take heart.
Lawmakers seem to have learned quite a bit about the shortcomings of their hastily cobbled effort, which seemed to help giant companies more than tiny ones and whose rules on using the money were based on assumptions that may have been too optimistic.
They are discussing ways to correct this by targeting the program to businesses with 100 or fewer employees and earmarking specific portions to businesses with 10 or fewer employees. They may also loosen some of the rules that discouraged some potential borrowers from going after money.
What should you do now?
When the next phase of the Paycheck Protection Program does get up and running, SBG Funding will again accept PPP applications. In the meantime, if you are interested in applying for an Economic Injury Disaster Loan and Grant, visit us here: https://sbgfunding.com/stimulus/