The Paycheck Protection Program (PPP), a loan program designed to help small businesses weather the economic downturn during the COVID-19 epidemic, still has $130 billion in funds available.
The recently passed Paycheck Protection Flexibility Act is designed to make it easier to use the PPP funds. The legislation allows small businesses to use the money up to 24 weeks, and have the option to extend the life of the loan from two to five years. The U.S. Small Business Administration has provisions to forgive the loans if used as intended.
Time is running out – APPLICATIONS ARE DUE BY JUNE 30th.
Applications must be processed through a lender, and there are several local institutions ready to help:
Great Lakes Credit Union can take your application here.
First Midwest Bank can assist by phone between 8 a.m. – 5 p.m. CDT Monday through Friday at 855.206.1944
Lake County Partners recently hosted a PPP Loan Forgiveness Webinar for over 200 local businesses, featuring guest speakers Terry Hoover, a tax partner at WIPFLI, and Bert Carstens, Managing Director at CIBC. The information shared was invaluable and generated an insightful Q&A segment. Review the presentation slides here, OR listen to the full recording here.