LIVE: Paycheck Protection Loan Program Extended
Loans Designed To Help Businesses Struggling During Pandemic
Small business owners have extra time to apply for forgivable loans to help pay employees during the pandemic.
The Small Business Administration’s Paycheck Protection Program loan deadline was extended from March 31st to May 31st.
The loans require no repayment for 24 weeks, plus 10 months from when the loans are distributed.
Business owners have until then to apply for loan forgiveness.
Choice Bank has done more than 38-hundred PPP loans during the pandemic.
They say the extension help meet a major demand for these relief for small businesses.
Choice Bank Chief Strategy Officer Travis Barkve says the extension helps, “To assist the small businesses as well as the lenders and the SBA to process some of the applications that were still in queue and to give just a brief extension to those still needing additional time.”
Click here for more information on the loans from Choice Bank.