There is still a large amount of money in the Paycheck Protection Program fund. If you need assistance, contact your lending institutions to make applications for these funds. Recipients will have until December 30th to expend the funds.
The President signed the Paycheck Protection Program Flexibility Act which made the following changes:
- Increased the loan forgiveness period from 8 weeks to 24 weeks
- Decreased the 75/25 rule (payroll/other expenses) to 60/40
- Provided safe harbor provisions for attempts by employers to re-employ
- Increases maturity on payback from 2 to 5 years
- Affirms that the last day to apply for a PPP loan is June 30, 2020.
Since its inception, over 5,400 participating lenders in America have made over 4.5 million PPP loans totaling $511.3 Billion. Overall, the average loan size is $113K.
In Alabama, our lenders have made 61,576 PPP loans totaling more than $6.1 Billion. The PPP fund still has a bit more than $100 Billion remaining.