The federal Paycheck Protection Program resumed accepting applications last week in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a P.P.P. loan is now August 8th.
If you are interested in applying for P.P.P. assistance for your small business, nonprofit, or agriculture business, contact your local bank to see if they are participating.
As of June 30th, 42,427 Arkansas businesses received P.P.P. loans totaling some $3.3 billion dollars. The average P.P.P. loan received by an Arkansas business is $78,246.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The Small Business Administration will forgive P.P.P. loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage, interest, or utilities. 60% must be used for payroll expenses.
Most local banks are participating in the program. If you need help finding a lender, contact the S.B.A. Arkansas office at 501-324-7379.