SBA will cease accepting PPP applications on June 30th. The Clock is Ticking...Apply for the Paycheck Protection Program Today.
On April 3, 2020, the SBA began accepting applications for the Paycheck Protection Program. The PPP is a forgivable loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. This program has been a life line to small businesses across New England. Through June 20, 2020 over 244,000 businesses have received over $28 billion in PPP funding across New England.
Interested borrowers can apply for a PPP loan through one of 5,500 participating lenders including banks, credit unions, Community Development Financial Institutions (CDFI), Minority Depository Institutions (MDI), Farm Credit Lenders, and Microlenders. Plus, information and forms are translated into 17 languages.
To help small businesses find a lender and file an application for a PPP loan, the SBA has reconfigured its Lender Match online tool to quickly connect small businesses with PPP lenders. Once a business owner submits their information on the Lender Match platform, within two days they receive emails from lenders that they have been matched to them and who will accept their PPP application. A PPP application can be started directly from these emails.
The online Lender Match tool is available at www.sba.gov/lendermatch.
There is still about $128 billion in funds available, but time is running out. SBA will stop accepting loan applications on June 30th, but our lending partners need a little lead time to submit your application ahead of the cutoff. So if you are considering applying, don’t wait, apply today.
Find out more about the program at: Paycheck Protection Program
Reach out to your local district office for more information: connecticut_do@sba.gov