Paycheck Protection Program
The Paycheck Protection Program has expired as of August 8th, 2020. If Congress allocates further resources or extends the deadline, we will update this information and reopen the online application.
On June 5th, the PPP Flexibility Act was signed into law which provided significant concessions for loan borrowers as we move into the forgiveness period. Among them:
- Extension of original 8-week spending window to 24-weeks.
- Reduction of 75% payroll requirement to 60%
For now, it is our recommendation for you to wait until closer to the end of the 24-week covered period, beginning on the date of your PPP loan, to submit any forgiveness paperwork. This will allow you ample time to spend the funds appropriately to gain loan forgiveness. As we work through this phase of the PPP loan program, we will reach out to all our PPP borrowers to expedite the forgiveness process.
Contact a Business Loan Specialist