President Biden just signed the PPP Extension Act which extends PPP through May 31, 2021 and authorizes the SBA to process loans through June 30, 2021. This is great news for small businesses and nonprofits!
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
Before you start talking to lenders, have a look at the abbreviated checklist to see if you're ready for a traditional SBA loan. If you're considering a Paycheck Protection Program loan, learn more about information that may be requested from you. After you gather the information that may be requested of you, look for a chamber member lender by clicking here. Or you can also find a lender in your area that can assist with your PPP loan application.
If you have questions that needs answers regarding the PPP (Payroll Protection Program) you can visit SBA's fequently asked questions PDF. Do you know that the Western DuPage Chamber of Commerce has a Covid-19 resource page that provides both residents and business owners resources to a variety of help?