Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

When can we apply for paycheck protection program again?

On March 30, 2021, the PPP Extension Act, which extends the Paycheck Protection Program until May 31, 2021, was signed into law. The PPP Extension Act gives applicants two additional months to apply for a first draw or second draw PPP loan and gives the SBA until June 30, 2021 to process loan applications.

Can you get PPP and cares act?

Title I of the CARES Act—the Keeping Workers Paid and Employed Act—includes paycheck protection and loan forgiveness, and small business contracting relief. By maintaining employees on their payroll through the duration of the crisis, these small businesses can qualify for PPP loan forgiveness.

How do you get a paycheck protection program forgiven?

The main attraction of a Paycheck Protection (PPP) loan is that it may be fully forgiven. In essence, forgiveness turns the loan into a grant. To qualify for forgiveness requires you to spend your PPP loan funds properly in a specific period of time, and then apply for forgiveness with your lender.

What are the provisions of the CARES Act?

Though the CARES Act is packed with provisions for small businesses (including emergency government grants and existing loan payment coverage), the $350 billion Paycheck Protection Program (PPP) might be the most promising portion of the legislation.

Who is eligible for the Paycheck Protection Program?

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness. 1.

What does the Paycheck Protection Program do for small businesses?

The Paycheck Protection Program is a Small Business Association (SBA) loan program specifically designed to help small businesses continue to make payroll at their staff’s current pay rate, as well as cover key expenses that keep the lights on (think rent and utilities).

How to apply for a paycheck protection plan loan?

You will need to gather the required documentation, complete your PPP loan application (download the final application form here ), and apply via an SBA-approved institution (find one here ), ideally your business’ existing bank. See more info from the US Treasury and the SBA (updated 4/3). When can I apply for a Paycheck Protection Plan loan?