Small Business Aid Loans Are Still Available
Updated: Aug 24, 2020
Enjoy your weekend after what I know has been a stressful number of weeks for everyone. I remain hopeful that our country, society and economy will be stronger on the other side of the many challenges we now face.
In the event you are interested in obtaining small business aid but were unable to secure a PPP loan during the last few months, I am attaching a New York Times article from June 10, 2020. The article points out that there is currently $130 billion remaining in funding for the Paycheck Protection Program administered by the Small Business Administration. My previous emails provided information on how to qualify for these loans and how to obtain loan forgiveness for much of the loan. You can find these prior emails on our website. If you do not obtain forgiveness of a PPP loan, the loan is due in five years at 1% interest.
The government will continue to process PPP loans through June 30, 2020. Although many larger banks are no longer accepting these applications, you can still have success in obtaining a loan by reaching out to smaller community banks and some non-banking institutions. The easiest way to find a source for a PPP loan is to review the list of participating institutions from the SBA website. The list was updated as of June 1, 2020.
Stay safe. Michael Habif