Small businesses in El Paso have more time to get PPP loans
Small business owners who still want a paycheck protection program or P3 loan have had more time to apply via https://oakparkfinancial.com/
President Joe Biden on Tuesday signed the PPP Extension Law of 2021, extending the forgivable loan program for another two months until May 31. It also allows the Small Business Administration until June 30 to process all requests, the SBA reported.
The program, intended to help small businesses affected by the restrictions of the COVID-19 pandemic, granted 8.73 million loans totaling $ 734.1 billion, including 3.6 million loans for $ 211.8 billion in a new cycle this year, according to data from the SBA.
He had $ 66 billion left as of March 30, an SBA spokesperson reported.
After:What small businesses have received COVID-19 relief grants? Here is what you need to know
Employers with 500 or fewer employees are eligible for initial loans of up to $ 10 million. Eligible businesses with 300 or fewer employees can get a second PPP loan for up to $ 2 million.
Independent contractors, sole proprietors and other self-employed people can apply for the loans.
The PPP was created under the CARES Act approved by Congress in March 2020. It has been updated in recent months to target very small businesses and nonprofits.
Most loans do not have to be repaid if a business complies with the terms of the loan, including a requirement that 60% of the money be spent on personnel costs.
For subscribers: Businesses in the El Paso area have received $ 19.9 million in local COVID relief grants and loans. This is how it was dispersed