Quick Answer: Are PPP Loans Still Available?

What are the requirements for PPP loan forgiveness?

Requirements include: Funds are allowed to be used for payroll costs, rent, utilities and interest on mortgages.

At least 60% of loan must be used for payroll costs.

While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic..

What is the last day to apply for PPP?

The new FAQ clarifies when loan forgiveness applications are due. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020, the deadline for borrowers to apply for forgiveness? Answer: No.

What is the deadline to apply for a PPP loan?

August 8Paycheck Protection Program Deadline Is August 8: Applying, Loan Forgiveness, And The New PPP. Small businesses still have until August 8 to apply for potentially forgivable loans via the Paycheck Protection Program (PPP), which was extended from its original June 30 deadline.

Are PPP funds still available?

Paycheck Protection Program loans are still available, even as businesses reopen. UPDATE: On July 1, Congress approved an extension of the Paycheck Protection Program until August 8, 2020. … Even for businesses now reopening, the PPP is still available as a source of Covid-19 financial relief.

Are any banks still accepting PPP applications?

Lenders accepting PPP loan forgiveness applications Citi Bank: Log into your online account to begin your forgiveness application. Citizens Bank: You will be emailed to access the online application. … East West Bank: You must register via their online portal.

Is all the PPP money gone?

The first round of funding — amounting to $349 billion — ran out in less than two weeks. Demand has cooled significantly: The pot was refilled on April 27 to the tune of $310 billion, and nearly seven weeks later, there’s still $130 billion that’s gone unclaimed, according to the Small Business Administration.

Who is offering PPP loans now?

Here are eight innovative fintech companies now offering PPP loans to small businesses, as well as several fintech firms that can help you apply for PPP loans.BlueVine. … Funding Circle. … Intuit QuickBooks. … OnDeck. … PayPal. … Ready Capital. … Square.

Is SBA still accepting PPP applications?

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.

Is Chase still accepting PPP applications?

May 01, 2020 JPMorgan Chase announced today that it has received approval for an additional 211,000 loans through “Round Two” of the Paycheck Protection Program (PPP), totaling about $15 billion to its small business customers.

What are the new PPP rules?

Highlights. A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation.

Do you have to pay PPP loan back?

Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan. … Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness.

What documents are needed for PPP forgiveness?

For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms. Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. vacation, parental, family, medical, or sick leave).

How do I know if my PPP loan is approved?

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.

Is it too late to get a PPP loan?

On July 4, 2020, President Trump signed into law Senate Bill 4116, which will be referred to in this writing as the “PPP Extension Act”. … Without the PPP Extension Act, the deadline to apply for a PPP loan expired on June 30, 2020. The PPP Extension Act changed the deadline to August 8, 2020.

When should I apply for PPP forgiveness?

A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan—including before the end of the covered period—if the borrower has used all of the loan proceeds.

Who qualifies for PPP forgiveness?

Answer: Sole proprietors, independent contractors, and self-employed individuals who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form automatically qualify to use the Loan Forgiveness …