ALBANY, N.Y. (NEWS10) — The clock is ticking for small business owners applying for loans through the Paycheck Protection Program.
The Small Business Association said the deadline for accepting lender loans transmissions is 11:59:59pm Tuesday, June 30. The program, set up through the CARES Act, provides relief for small businesses and non-profits affected by the pandemic.
It has resulted in almost $519 billion in loans from lenders.
But more funding, nearly $130 billion with the federal guarantee, remains available even for businesses that are currently reopening.
“It’s very important for us to get the word out that the deadline is approaching,” says Shelby Schneider with the Saratoga County Prosperity Partnership, which helps owners retain and expand their businesses.
She said more than 60 percent of business owners, whom they work with, applied for PPP loans since the program began this spring.
“We know that, initially, a lot of sole proprietors and independent contractors had to wait a little while. Many businesses that had employees or a lot of employees got first priority in line with their lenders to be able to access these funds. So, I think some people might have just given up.”
But she is encouraging those who have held off on applying to reach out to her and other free resources like your local chamber of commerce to help navigate the process.
She also suggested that when businesses use the funds they borrowed to immediately start the process of loan forgiveness.
“Start the process for applying now and get this off your books and I know the lenders want to help you through this. So apply for forgiveness as soon as you can.”
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