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The PPP loan applications close today at midnight, the rules have relaxed, so if you have not yet applied, today is the day to do so.

It’s hard to believe that we have been researching the guidance on these programs for four (4) months and there are still so many unanswered questions.

Please follow this link for the SBA Lender Match Tool if you have not applied yet.

If you are a DYI, follow this link for the Guidance for Calculating the Maximum Loan Amounts for self-employed individuals.

Maturity Term for PPP Loans:

Remember the PPP Flexibility act eased up on the forgiveness rules, but even so you may not get full forgiveness.  The U.S. Small Business Administration (SBA) addressed maturity dates for all borrowers who have not been able to meet all of the criteria:

• Loan date June 5 or later:  5 year maturity
• Loan date prior to June 5:  2 year maturity
• Loan date prior to June 5:  5 year maturity if the banker and borrower mutually agree

The Prioritized Paycheck Protection Program (P4)

We are following the progress on another bill that is under discussion the Prioritized Paycheck Protection Program. This may become available for those businesses showing a significant reduction in income for the “covered period”. We will keep you updated as “talks” progress. Here are some key points:

• It extends the application deadline for initial PPP loans from June 30 to December 30, or longer.
• Includes stricter eligibility requirements than the PPP.
• Includes carve-outs for the companies hardest hit by the pandemic.
• Disqualifies publicly traded companies from participating.

Follow this link to today’s INC Article for more details on the P4

Now onto the NYT Morning briefing …

Best wishes to you, your family and friends for health and safety through these trying times.