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Updated: Jun 5, 2020
With states relaxing their shelter-in-place regulations, we see our small business friends are slowly beginning to reopen. While this is progress, it does not mean the fight to keep our businesses alive is anywhere near over!
Thanks to the bipartisan efforts of Congress and the House, President Donald Trump signed a bill on Friday, June 5, to give recipients of PPP loans during the coronavirus pandemic more flexible terms when it comes to repayment and forgiveness.
This act of solidarity shows their commitment to the thousands upon thousands of small businesses that are the very make-up of the American economy and, even in these unprecedented times, continue to keep our communities running.
Obtaining funding during this time is an inevitability. And we realize with the rocky roll-out of the Paycheck Protection Program, during the initial stages of the COVID-19 crisis, some small businesses decided that they weren’t going to apply or didn’t have a chance to apply before that first round of funds ran out.
Lawmakers put another $310 billion into the PPP. There are literally BILLIONS left for:
-the thousands of small business owners who had to make the tough choice to let go of their teams
-the small business owners that are finding it nearly impossible to keep up with rent, utilities, and other expenses
-all of the small business owners that need to rehire their staff as they are allowed to reopen
The Paycheck Protection Program (PPP) Flexibility Act addresses many of the concerns of why some small business owners chose not to partake in the Paycheck Protection Program in the first place. Small businesses have been calling for these amendments to the PPP to ensure their businesses survive, and it is a triumph for the country.
A quick run-down on the PPP Flexibility Act:
These changes provide you extra flexibility to use your loan funds and fuel your business. It is important to note that while the PPP Flexibility Act purports to extend the PPP to December 31, 2020, media reports indicate that Congress has informed SBA that this provision was a technical error, so that extension is unlikely to be enforced. For the best chance of getting processed by the SBA, please complete your application and submit documents as soon as possible to meet the original June 30, 2020, deadline!
Funding Circle has been approved by the SBA to issue the Paycheck Protection Program (PPP) loans, and we are working around the clock, accepting new applications!
If you have not applied for a PPP loan yet, WHY NOT?!
All PPP loans are the same. All lenders are not.
Here’s how we’re different:
The Paycheck Protection Program (PPP) offers forgivable, federally guaranteed small business loans that can cover payroll and operating expenses for those impacted by COVID-19. The SBA PPP program has the following terms:
We recommend applying now to meet the original June 30 deadline which is right around the corner. Our sources in Washington have said they do not anticipate the cutoff to change.
Let us do the heavy-lifting so you can continue to focus on your business.
Jessica Holcomb is the Content Marketing Manager at Funding Circle, specializing in small business marketing and social media. She has a degree from the Fashion Institute of Design and Merchandising. Prior to Funding Circle, Jessica was a Marketing Manager at a successful social games company and a freelancer for many small businesses in the Bay Area. Her work can be seen in top retail, gaming, and financial small business resource sites.