Question: Can I Still Apply For The PPP Loan?

Can you still apply for PPP?

Paycheck Protection Program loans are still available, even as businesses reopen.

June 30 is the deadline for small businesses to apply for forgivable PPP loans.

Even for businesses now reopening, the PPP is still available as a source of Covid-19 financial relief..

What happens after my PPP loan is approved?

Use the PPP loan proceeds for covered expenses and retain documentation supporting each component of covered expenses. … The lender will determine the amount of loan forgiveness, and they are required to issue loan forgiveness within 60 days of receiving the application.

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.

Can I apply for both PPP and Eidl?

Yes, you can apply for both. But you can’t use the funds from both loan programs for the same purpose. For the most updated and complete information, read the FAQs on the EIDL and FAQs on the PPP. For more information, visit The SBA has a hotline to help answer questions 1-800-659-2955, 7 days a week from 7:00a.

Is it too late to get a PPP loan?

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. … Secondly, the covered period during which PPP loan funds must be used now expires 24 weeks after the loan is received or December 31, 2020, whichever comes first.

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.

Can I apply for PPP if I have no employees?

Since you don’t have employees, you won’t be reporting your payroll costs for the PPP loan. Instead, you’ll be reporting your net business income, which will be reported on a Schedule C. As long as your business was operational prior to February 15 of this year, you can apply to the Paycheck Protection Program.

How long does it take for SBA to approve a PPP loan?

approximately 10 daysThe PPP process takes approximately 10 days to complete. Do I need to reapply for the EIDL/EIDL Advance? If your application confirmation number begins with a “3” you do not need to reapply.

Can I apply for a PPP loan online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

Are PPP loans fully forgivable?

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). PPP loans have an interest rate of 1%. Loans issued prior to June 5 have a maturity of 2 years.

Is there a deadline to apply for the PPP loan?

Following approval by the Senate and House of Representatives, President Trump signed legislation July 4, 2020, extending the deadline to apply for a Paycheck Protection Program Loan through Aug. 8, 2020. The original deadline to apply was June 30, 2020.