Six-Week Extension for Unused PPP Funds

The Small Business Administration’s Paycheck Protection Program (“PPP”) which was scheduled to end June 30 received a six-week extension from Congress on July 1. There’s plenty of undisbursed PPP funds remaining. To be specific, $130 billion dollars of the $670 billion of PPP funds, remains undistributed.

It’s important to note that the bill, while having been approved by the House of Representatives and U.S. Senate, still has to be signed by President Trump. We think it’s likely President Trump will approve the fund given both houses have approved the bill, and the Trump administration’s intentions of providing economic support to businesses suffering from the impact of COVID-19.

The good news for those who have not applied for the PPP funds is if President Trump approves the bill, you still have a very good chance to secure PPP funding. We know there are businesses who were not prepared to apply for the PPP funds when the application period first opened.  They may not have had their financial and accounting paperwork in order. This second chance will be more forgiving to those who were not prepared because approximately 80% of businesses have already been funded.  This means the number of applications (and chaos) is expected to be substantially less, which gives the late comers an opportunity to have their applications completed and receive funding.

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DW Capital Advisors, LLC, based in Boston, Massachusetts, serves clients across the great nation of America. Our mission is to help individuals and small to medium sized businesses access all the benefits offered by U.S. Small Business Administration capital lending programs. If you are looking to start, acquire or expand a business, then consider the capital sources available through the SBA programs. Versed in the SBA lending requirements and guidelines, and with our access to a network of banks and advisors, DW Capital Advisors prides itself on the breadth, depth and quality of service we provide to clients.

Disclosure statement: The information provided in this post should not be relied upon to make a decision. DW Capital Advisors, LLC makes no representation as to the accuracy or completeness of the information provided.