We’re proud to partner with NBT Bank in providing informative, timely updates on the ever-changing PPP Forgiveness regulations. Please review our webinars, EZ application update details and more to help support your business in this forgiveness process. To learn more about NBT Bank, visit: NBT Bank – Business.
Hours before the Paycheck Protection Program (PPP) new loan applications were set to expire on June 30th, the U.S. Senate passed legislation to extend the program for an additional 5-weeks to August 8th. Wednesday night, the new legislation was passed by the House of Representative and is now awaiting signature by the President. It is reported by the SBA that there are over $130 billion funds yet to be claimed.
Many banks however are not accepting new applications for the PPP, but do not worry as there are multiple SBA-approved fintech companies that are still assisting with the preparation of PPP applications. We have had success with Kabbage in applying with PPP loans regardless of you banking with them or not. If you have yet to apply for a PPP loan, you just got your third, and mostly likely final chance!
Senator Marco Rubio (Chair of the Senate Small Business Committee), has said that he did not object to extending the PPP deadline until August 8th but that the vast majority of small businesses that wanted PPP funds have already used the program and that what is needed is legislation targeted to help specifically those who need a second round of aid to sustain their business.
We will provide another update when/if there is a second round of PPP aid to small business owners.