PPP Loans Aren't for Everyone. Here's What to Do if You Still Need Relief
Though countless Americans have been hurt financially in the course of our current recession, small businesses have perhaps been hammered the most. It's estimated that more than 100,000 have already closed their doors permanently since the COVID-19 pandemic began, and many more risk a similar fate if economic conditions don't quickly improve.
Throughout all of this, the one thing that has helped many local businesses stay afloat is the Paycheck Protection Program, or PPP. Businesses that received PPP loans were eligible for funding equal to two-and-a-half times their monthly payroll costs. Meanwhile, those loans are completely forgivable provided that 60% of their proceeds or more are used for payroll purposes.
Originally, June 30 was the last day businesses could access PPP funds, but lawmakers opted to extend it at the last minute. As such, small businesses that never applied initially now have that option.
Source Fool.com
