20 Apr PPP Loan Alert
Last Thursday, the Small Business Administration announced that the $350 billion in loan money available through the Paycheck Protection Program (PPP) had been fully disbursed.
Over the weekend, the government worked on finalizing an agreement for an additional $450 billion in economic relief, which will include $300 billion to further fund the PPP. A decision on the package is expected as soon as today.
TimePays is advising any business that applied for the first round of funding through the PPP to call your banker today to review next steps. If you received loan approval, ask when you can expect funding. If you did not receive approval, make sure your application and required documentation were submitted correctly, that nothing prevented the processing of your application and what you need to do to ensure that you are first in-line for the anticipated next round.
As we have all learned in the last few weeks, it is no longer business as usual. Contact your TimePays Payroll Specialist for any assistance you need to help navigate your business through this tumultuous climate.