Paycheck Protection Program (PPP) originally authorized $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. After passing through the Senate, it is expected that the House will vote this week on the approval of an additional $320 billion to go towards PPP.
If you have questions about eligibility or the details of PPP visit our PPP COVID-19 Resource page here.
If you have not already submitted an application, we encourage you to contact your financial adviser today to begin the application process. Your financial adviser will be able to guide you through the application process. Our local financial institutions have done an amazing job servicing our small businesses during this time. They will be able to help you to the best of their ability.
Please, keep in mind that businesses who have already submitted applications will be prioritized. If you have already submitted an application with your financial institution, contact your representative to ensure all necessary documentation is accounted for.
Like the last round of PPP funding, this additional relief is expected to move quickly. We are encouraging businesses to contact their financial advisers to be prepared if funds become available.
Unfortunately, relief programs have a high demand with a limited, set amount of funds. While we wish there would be enough for everyone in each release of funding, there is not. As new financial resources become available we will the details through our member emails, social media pages, and our website. If you are a member and would like to receive our emails, please contact Mary Kate Hafner, Director of Communications, at [email protected].