The popular Paycheck Protection Program (the “PPP”) created by the CARES Act is coming to an end. Time is running out to take advantage of this program. The upcoming deadline to apply for a PPP loan is June 30, 2020. However, many banks are requiring applicants to submit their application prior to the June 30th deadline.
- Citizens Bank is requiring applications for the PPP to be submitted by 4 p.m. on June 17th.
- Bank of America, N.A. told customers to submit PPP applications by 5 p.m. on June 15th.
- Ephrata National Bank has not set a deadline but is suggesting that customers submit applications by June 23rd to allow sufficient time for processing.
- According to PNC Bank’s website, they are no longer taking any additional applications.
Around $130 billion remains available for PPP loans. Congress has had some limited discussion on what will occur if there are funds still available when the program ends. Congress may even extend the program until the funds are depleted. As of the date of this blog post, though, nothing has been determined.
If you have not already applied for a PPP loan and still wish to do so, contact your local bank as soon as possible. Search the Lancaster Law Blog for more information about the Paycheck Protection Program to see if it can help your business.