Client Alert: Time Running Out To Obtain Paycheck Protection Program (“PPP”) Loan

As provided for in the CARES Act, unless extended, the PPP loan program will stop funding loan applications when all funds are expended or June 30, 2020, whichever comes first.  While June 30th is the last date for applications to be processed by the Small Business Administration (“SBA”), lenders will stop accepting applications earlier to give them adequate time to process the applications before June 30th.   For example, Truist recently announced their application deadline is 6:00 PM on June 19, 2020.  If your small business has not obtained a PPP loan and wishes to, you should contact your lender now to commence the process.