As of May 22, 2020, the Small Business Administration (SBA) was estimating that approximately $140 Billion dollars are still available in the Paycheck Protection Program (PPP) for small businesses.
If you were not submitting your application for the PPP loan due to rumors that the program ran out of funding or will run out of funding soon, make sure to get your application submitted to your banker for processing ASAP. The PPP program will NOT be running out of funding any time soon. If your banking relationship is not taking any new PPP applications, or is not an approved SBA lender, there are many other banking or lending options available for the PPP loan.
These are unprecedented times, and this is an unprecedented loan program that should be utilized if your small business qualifies. If your small business qualifies for a PPP loan, and you have not applied yet, WHAT ARE YOU WAITNG FOR??? Fill out the PPP loan application from the SBA and determine if you qualify for the loan.
Contact Larry Davidson, CPA for additional information at firstname.lastname@example.org.