Quick Answer: Has PPP Loan Been Extended?

How does the 24 week PPP work?

Expanding to 24 weeks, from eight weeks, the covered period during which PPP loan recipients can spend the funds and still qualify for loan forgiveness.

The 24-week period applies to all loans made on or after June 5.

Borrowers that received loans before June 5 can choose to elect an eight-week period..

Are PPP loans still being accepted?

The major bank is still processing and accepting PPP loan applications in anticipation of the SBA program receiving more funding. It is taking them only from existing small business banking clients. You can find more information and updates here.

Is PPP still available today?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How can I extend my PPP loan to 24 weeks?

When you fill out your PPP Forgiveness Application, just select eight or 24 week by entering the appropriate dates in the Covered Period or Alternative Payroll Covered Period section. Currently, the law doesn’t include a deadline for small business owners to submit a forgiveness application to their lenders.

Is SBA PPP money gone?

(CNN) The money is gone. On Thursday morning, the $349 billion emergency small business lending program officially tapped out. The Small Business Administration officially ran out of money for the Paycheck Protection Program, according to a message for lenders posted on the administration’s website.

How do I make sure my PPP loan is forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started: Use it for eligible expenses. Keep your employee headcount up….Use it for eligible expenses. … Keep your employee headcount up. … Don’t reduce an employee’s wages by more than 25% … Document everything. … Talk with your lender.More items…•

How long was the PPP loan extended?

24 WeeksPPP Forgiveness Period Extended to 24 Weeks. On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act, previously passed by the House and agreed to by the Senate in a voice vote with no amendments on June 3, 2020.

Will there be a 2nd round of PPP loans?

The Trump administration favors a second round of Paycheck Protection Program loans to certain businesses that have been hardest hit by the COVID-19 recession. … Under current rules, PPP loans will be covered by taxpayers as long as companies spend more than 60% of funds on payroll and meet other criteria.

How long does it take for SBA to approve PPP?

approximately 10 daysThe PPP process takes approximately 10 days to complete. Do I need to reapply for the EIDL/EIDL Advance? If your application confirmation number begins with a “3” you do not need to reapply.

Do I have to wait 24 weeks to apply for PPP loan forgiveness?

This is welcome news for many who were going to spend their entire Paycheck Protection Program (“PPP”) loan after the eight-week period, but well before the end of the 24-week period. A company that spent all of its PPP monies by week 10 will not have to wait another 14 weeks to apply for forgiveness.

Can PPP loan be less than 24 weeks?

PPP borrowers who needed fewer weeks than the initial 8-week or 24-week covered period to effectively utilize their PPP funds may now apply for PPP loan forgiveness prior to the end of the covered period or maturity date of the loan, if the borrower has used all of the loan proceeds for which the borrower is requesting …

Will the payroll protection plan be extended?

Both houses of Congress approved the extension unanimously earlier this week. With Trump’s signature Saturday, businesses will now have until Aug. 8 to apply for the assistance. The PPP lets businesses get direct government subsidies for payroll, rent and other costs.

How much of the PPP money is left?

about $130 billionThere’s about $130 billion left in the PPP pot.

How do I check my PPP loan status?

Once logged in to the portal, you can access Lendio’s live chat option to ask about your application status. You can also call Lendio directly at: (855) 853-6346. Note that this option for checking your loan application status is only available if you submitted your PPP loan request through SBA.com.