PPP Loan Application Deadline Approaching

The Paycheck Protection Program (PPP) First and Second Draw Loan application deadline is May 31, 2021. Eligible businesses may receive funds to pay up to eight weeks of payroll (including benefits).

Learn More

The Paycheck Protection Program provides businesses with funds to:

  • pay up to eight weeks of payroll costs (including benefits),

  • pay mortgage interest, rent, utilities, worker protection costs related to COVID-19, and

  • pay for other qualifying expenses.

Eligibility

View First Draw and Second Draw PPP Loan eligibility criteria.

PPP Loan applications must be submitted by May 31, 2021. Find an eligible lender.

PPP Loan Forgiveness Terms

Businesses may be eligible for PPP Loan forgiveness if they meet the following terms during the eight- to 24-week covered period after loan disbursement:

  • employee and compensation levels are maintained,

  • the loan proceeds are spent on payroll costs and other eligible expenses, and

  • at least 60% of the proceeds are spent on payroll costs.

Businesses can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. If applications are not submitted within 10 months after the last day of coverage, PPP Loan payments will no longer be deferred.

Visit the U.S. Small Business Administration (SBA) website to learn more or view this FAQ for Lenders and Borrowers.

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