When does the PPP program end? DEADLINE EXTENDED TO AUGUST 8, 2020!

In this 2-minute read:

  • The deadline for PPP loan applications HAS BEEN EXTENDED to August 8, 2020
  • Important updates have made it easier to meet full loan forgiveness
  • Extensions on payroll and rehiring deadlines

The PPP loan program as part of the CARES Act of 2020 was designed to provide emergency loans for America’s small businesses in crisis due to the coronavirus pandemic.

The initial PPP funding ran out, but the PPP program was re-funded for a second round of loan capital. The original application deadline for PPP loan applications HAS BEEN EXTENDED to August 8, 2020. 

You may still apply for your PPP loan but you absolutely must hurry. The deadline for PPP loan applications is now August 8, 2020.

On June 5, 2020, President Trump signed into law new updates to PPP loan forgiveness requirements, extending the covered period to 24 weeks, reducing the minimum loan funding that must be spent on payroll to 60%, and easing the requirements for maintaining staffing and compensation levels. Please read the details here.

Womply has partnered with various trusted lenders to offer you the best possible rates on small business funding. Whether you need a term loan, a line of credit, or another type of small business capital, we can help! Click here to learn more, or sign up for Womply Free!

It doesn’t cost anything to apply for a PPP loan

By law, it’s free for borrowers to apply for PPP loans. You should not be charged anything by your lender or loan facilitator to complete or submit your PPP loan.

If your local SBA-approved lender is no longer accepting applications, you can apply for free via Womply

Many larger banks may have stopped accepting PPP loan applications due to the new rules establishing a maximum amount of capital per PPP lender or for other reasons, but you can still apply elsewhere. We recommend you start your free application here.

100% PPP loan forgiveness is now easier to achieve

The new Paycheck Protection Program Flexibility Act, signed into law on June 5, 2020, has lowered the minimum amount of PPP funds that must be spent on payroll to meet full forgiveness from 75% to 60%, extended the loan repayment deferment period, extended the deadlines for rehiring or repairing payroll cuts, and other important changes. Read more here.

Pros and cons of getting a PPP loan

It can be a hassle to get your PPP loan approved, depending on your loan facilitator or lender. And you do have to apply for forgiveness, but if you do, and you use the funding as intended, you don’t have to pay back your PPP loan… ever! Read more pros and cons of PPP loans here.

Helpful FAQs and articles about PPP loans

Here are some more articles and FAQs to help you learn more about PPP loans:

Womply can help you get the small business funding that’s right for you

Womply has partnered with various trusted lenders to offer you the best possible rates on small business funding. Whether you need a term loan, a line of credit, or another type of small business capital, we can help!

Click here to check out our small business loans resources. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!

Blog

How to claim your listing on Nextdoor (step-by-step walkthrough!)

In this 4-minute read: How-to guide for claiming your Nextdoor business page Nextdoor is a social networking service for neighborhoods […]

Read More

Social media for small business in a post-election vacuum (fun ideas and tips!)

In this 7-minute read: Fun content ideas for social media platforms like Facebook and Instagram How to come up with […]

Read More

How to get feedback from the 90 percent of users who don’t post reviews online

In today’s world of social media and online reviews, it can sometimes feel like everyone has an opinion to share. […]

Read More

How to help customers feel comfortable using local services during a pandemic

In this 5-minute read: 9 tips to ease your customers’ fears during COVID As the pandemic continues to loom over […]

Read More

Can I list services on Facebook Marketplace? (tips to get noticed)

In this 6-minute read: Is listing services on Facebook Marketplace allowed? Selling products on Facebook Marketplace Facebook Marketplace is becoming […]

Read More

When 3rd-party delivery is half your restaurant business, how do you get feedback?

In this 5-minute read: Use your 3rd-party delivery service app’s tools Send a survey link on a handout or packaging […]

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.

Please start typing, and then choose your business from the dropdown.

By submitting this form you agree to Womply’s Terms of Service.