Any small business owners?
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For Small Business Owners:
Congress recently approved an application deadline extension for the Paycheck Protection Program from June 30 to August 8, 2020.
Accepting new applications through July 29.
Other recent term changes could potentially forgive more expenses incurred by businesses impacted by COVID-19, such as:
24 weeks of costs that may be eligible for forgiveness
Only 60 percent of the forgiveness amount must be used for payroll. The rest can be used for non-payroll costs (e.g., mortgage interest, rent and utilities)
A longer, 5-year repayment term for any funds not forgiven
Additional time for returning to pre-COVID levels of employment and exemptions
Where can I go to learn more?For specific guidance regarding eligibility, please visit the SBA1 and the U.S. Treasury Paycheck Protection Program websites. To get answers to commonly asked questions, please visit usbank.com/ppp.
