The SBA has announced funding of the Paycheck Protection Program has been exhausted.
The SBA has notified us that any PPP loan request not approved as of the end of business Monday, May 17, 2021, will be deleted from their system.
Undoubtedly, the staff here at PFCU exhausted every effort to try to help every application in distress regardless of it being the first or second round of funding and applications previously submitted for forgiveness.
Please stay tuned to your local and national news channels, the SBA website, and this page for further information regarding any future PPP and related pandemic relief assistance.
We value your membership and look forward to working with you on additional SBA products and services soon to be offered directly by us to you!
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
First Draw PPP Loan forgiveness terms
First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8-to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60 percent of the proceeds are spent on payroll costs
Disclosure: The above is for informational purposes only. All applications are subject to SBA approval. Not all applications will be approved. Lender will not fund such loans without SBA direct approval. For further details on the SBA PPP please visit www.sba.gov.