There’s some good news for small business owners.
Paycheck Protection Program loans were created to help small businesses pay their employees during closures. Congress pumped more than $500 billion into the PPP, with a deadline of June 30 for people to apply for the funds. The House recently voted to extend that deadline to Aug. 8.
We spoke to one lending expert who says if you weren’t able to get funds before, now is the time.
“It benefits the individuals or small businesses that missed the first tranche. And now that we are sitting in the second tranche, as of today there have been $520 billion funded through this program and there is still $130 billion remaining,” said Jersey Benson, VP of Commercial Lending, First Western Bank and Trust.
Benson says people who’ve applied for the loan in the past can not re-apply.