The deadline for small businesses to apply for the Payment Protection Program is June 30. PPP loans are administered by the Small Business Administration to help businesses keep their workforce employed during the COVID-19 pandemic.
For information on PPP loans and a list of eligible lenders, visit here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8
The Paycheck Protection Program and Health Care Enhancement Act, the most recent COVID-19 relief package signed into law, included $30 billion in PPP funding set aside for CDFIs, small banks and credit unions. It also included $50 billion for the Small Business Administration’s Economic Injury Disaster Loan Program, which will help small businesses that are the worst affected get loans they need to survive during the COVID-19 pandemic.
Also pending is the Heroes Act, legislation passed by the U.S. House of Representatives, that if signed into law would strengthen the Paycheck Protection Act. But it doesn’t appear the Senate will take up the Heroes Act any time soon.
Rep. Cox also voted for the Heroes Act, legislation passed by the House that would also strengthen the Paycheck Protection Act if signed into law.
“The COVID-19 pandemic has had a terrible impact on the American economy, and small businesses have taken the brunt of it,” said Rep. T.J. Cox. “I strongly urge all the small businesses in the Central Valley to apply for PPP before the deadline on June 30th to ensure they can use all the resources available during this crisis.”
For more information on the PPP and other financial services provided for those impacted by COVID-19, visit Rep. Cox’s COVID-19 Financial Information Center: https://cox.house.gov/getyourmoney