Aug. 8 deadline for $120 billion in Paycheck Protection Program loans
"Jobs-saving funds are still available through the Paycheck Protection Program," SBA regional administrator Steve Bulger said. Credit: U.S. Small Business Administration
More than $120 billion in Paycheck Protection Program loans are still available with just days remaining before Saturday's application deadline, officials said.
Nearly $522 billion in PPP loans have been made to small businesses and nonprofits by banks and other private lenders since the program started on April 3, according to the U.S. Small Business Administration, which oversees the PPP.
“Jobs-saving funds are still available through the Paycheck Protection Program,” SBA regional administrator Steve Bulger said in a statement. “Qualified small businesses and entrepreneurs, including sole proprietors, as well as certain nonprofits have until 11:59 p.m. on Saturday, Aug. 8, for their PPP-participating lender to file their application. As the time frame quickly approaches, I encourage all those who haven’t yet applied to consider doing so,” he said.
To find a PPP lender go to sba.gov/lendermatch.
Borrowers in New York State have received the third-most PPP loans in terms of dollars: $38.4 billion in 339,340 loans. California and Texas are the leaders.
Locally, 65,426 loans were made in the four congressional districts that encompass most of Long Island as of June 30, the most recent available data. Law offices, accounting firms and other similar professional offices received 9,515 loans or 15%, according to a Newsday analysis.
The federally guaranteed loans are for up to $10 million at 1% interest with a five-year term.
Borrowers generally must have 500 or fewer employees, and loans may be forgiven completely if at least 60% of the money is used for payroll expenses. Newsday has received a $10 million loan.
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James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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