A new bill signed June 5 provides more flexibility to businesses participating in the Paycheck Protection Program. The changes extend loan forgiveness costs up to 24 weeks instead of eight. The bill also reduces the threshold of payroll expenses from 75% to 60%.
More than $100 billion is still available. The deadline to apply has been extended to Dec. 31, 2020. The program provides incentives to small businesses to keep employees on the payroll.
Eligible businesses can apply through any existing SBA 7(a) lender or through any participating federally insured depository institution, federally insured credit union, or Farm Credit System. University of Illinois Extension provides a current list of available COVID-19 relief programs.
SOURCE: Pam Schallhorn, University of Illinois Extension, Community and Economic Development Specialist
WRITER: Judy Mae Bingman, University of Illinois Extension, Marketing and Communication Manager. firstname.lastname@example.org