Second Opportunity to Apply for the Paycheck Protection Program has Arrived
Small businesses are getting a second opportunity at receiving Paycheck Protection Program loans now that the bill has been passed. An additional $310 billion in funds has been approved for the program. As part of our continued efforts to be here for our Members during this difficult time, Altura has partnered with Jack Henry & Associates and Lendio to provide a simple and much needed Paycheck Protection Program (PPP).
Recently added as an SBA loan program, the Paycheck Protection Program (PPP) provides federally-guaranteed loans to eligible small businesses. Loans are the lesser of $10 million and the calculated amount may be partially forgivable. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.
As dictated by the CARES Act, the SBA will commit to helping small business owners across America borrow $310 billion. The Paycheck Protection Program covers operational expenses beginning February 15, 2020 and ending on June 30, 2020.
The application process for our Members is quick and simple. Click the link below to learn more and apply. Applications can be submitted now, but will be accepted on Monday, April 27, 2020
- SBA may provide further guidance, if needed, through SBA notices and a program guide which will be posted on SBA’s website
- Questions on the Paycheck Protection Program 7(a) Loans may be directed to the Lender Relations Specialist in the local SBA Field Office.
- For additional information on who is eligible to borrow, see the Treasury’s information for borrowers.