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The U.S. Small Business Administration (SBA) today announced that it will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30 AM from approved lenders on behalf of any eligible borrower.
PPP is a federal business loan that is forgiven for owners if they keep employees on the payroll for at least eight weeks. The loan program, which is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, quickly ran out of funding soon after allocation earlier this month. But the U.S. legislature recently passed a new bill adding $320 billion to the account.
The SBA says that those eligible can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System, or non-bank lending institution that is participating. You should consult with your local lender as to whether it is participating in the program.
To learn more about the Paycheck Protection Program or to download an applicaiton please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.