Paycheck Protection Program – Extended Deadline and Webinar
Did you know? The Paycheck Protection Program has resumed accepting applications. Most small businesses and nonprofits are eligible to apply. The new deadline for a Paycheck Protection Program loan is August 8, 2020.
Today! PPP Application Webinar
Need help with your PPP application? Join the free PPP Loan Forgiveness Application Step-by-Step Live NFIB Webinar on Wednesday, July 22 at 12:00 pm.
NFIB’s PPP experts will walk you through a live line-by-line demonstration on filling out the PPP loan forgiveness application followed by Q&A. The webinar will cover how to fill out Form 3508EZ, how to complete the FTE calculations and Schedule A and Schedule A Worksheet, and common FAQs and mistakes when filling out the application. Can’t make this webinar? Don’t worry! Register and they’ll email you an on-demand version.
About the Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested from you when you apply with a lender.
Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Sole proprietors, independent contractors, and self-employed persons
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
For more information, see Paycheck Protection Program Frequently Asked Questions