Through the Coronavirus Aid, Relief and Economic Security (CARES) Act, the government recently made $349 Billion available to non-profits and small businesses (500 or fewer employees) affected by the Coronavirus pandemic. Qualifying businesses were eligible for loans to help with payroll costs including benefits, and are expected to apply for loan forgiveness. Following the eight-week period, borrowers were expected to gather necessary documentation and apply for loan forgiveness within 60 days.
October 8, 2020: SBA and Treasury announced a simpler PPP forgiveness application for loans of $50,000 or less. Those who have already filled out a forgiveness application do not need to complete this form.
August 10, 2020: SBA now accepting applications for full forgiveness.
August 8, 2020: SBA no longer accepting PPP loan applications from participating lenders.
June 17, 2020: New EZ and revised full forgiveness applications were introduced this morning by the SBA and Department of the Treasury. Learn more about the changes and who qualifies for an EZ application on the Western State Bank Blog.
June 5, 2020: President Trump signed the Paycheck Protection Program Flexibility Act of 2020, easing restrictions for PPP loan recipients and extending the eight-week period to 24 weeks. Learn more about the bill on the Western State Bank Blog.
We will continue to post updates as new information becomes available regarding the PPP.