Paycheck Protection Program lending window is closing
With every phone call, video conference and socially distant meeting I’ve attended across the U.S. Small Business Administration’s Mid-Atlantic Region, it is clear to me — entrepreneurship is alive and well despite what we’re all going through these days. This is in no small part due to the passion and drive of small business owners and their employees. That grit and determination to survive and thrive makes me proud to serve the American people. I’m also proud these businesses have been helped by billions of dollars in potentially forgivable loans through the Payroll Protection Program (PPP), saving more than 51 million jobs that might have disappeared forever as we deal with the effects of Coronavirus’ pandemic. Business owners are making payroll and paying other bills, giving them time to breathe and figure out their next steps. Like the West Virginia thread manufacturer pivoting to make elastic to meet the booming demand for facemasks, and a small Pennsylvania education software developer adapt its products to help parents around the world educate their children at home as we obeyed stay-athome orders.
On July 4, President Trump signed into law an extension of the commitments of the PPP, giving entrepreneurs until Aug. 8 to access the remaining $130Bplus in funds remaining. As that date rapidly approaches, I encourage all business owners (employers and sole proprietors alike) who haven’t yet applied to do so now.
I understand the process can