Quick Answer: What If You Don’T Use All Of Your PPP Loan?

Where has PPP money gone?

Top StatesRankStateApproved PPP Amount1California$33.4 billion2Texas$28.5 billion3New York$20.3 billion4Florida$17.9 billion6 more rows•Apr 17, 2020.

Will PPP loan funds run out?

The short answer is yes. Banks and other financial institutions have made more 4.5 million Paycheck Protection Program (PPP) loans totalling more than $512 billion.

Has PPP Loan been extended?

H), Jacky Rosen (D-Nev.), and Susan Collins (R-Maine) successfully passed legislation to extend the U.S. Small Business Administration’s (SBA’s) authority to approve Paycheck Protection Program (PPP) loans through August 8, 2020.

How can I get my PPP loan forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started:Use it for eligible expenses.Keep your employee headcount up.Don’t reduce an employee’s wages by more than 25%Document everything.Talk with your lender.Apply for loan forgiveness.

What happens when the PPP loan runs out?

A company that received PPP funds faces the choice of paying employees on its own dime after the funds run out, or implementing the layoffs it put off for eight weeks and thus foregoing loan forgiveness.

Are there still funds for PPP loans?

Despite the initial infusion of money from the PPP, many businesses realized they wouldn’t be able to spend it in time. … That means money is still available for business owners through the end of this month, when the program’s applications end. And now it can be used for the rest of the year.

Is PPP still available today?

Notice: Paycheck Protection Program closed August 8, 2020 Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How much of the PPP is left?

There’s roughly $138 billion remaining in the fund, a number that’s actually increased since the end of June, in part because loans were canceled and duplicate reporting loans were deleted.

What documents do I need for PPP loan forgiveness?

For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms. Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. vacation, parental, family, medical, or sick leave).

How long will PPP funds last?

How long will it last? It’s difficult to predict how long the new funding will last this time around. Some bankers predict as little as one to two days, while others think 10 days or longer might be more realistic. The consensus from lenders is that this time around is likely to be much smoother—but faster.

How long does it take for SBA to approve a PPP loan?

The SBA promises a turnaround time of 36 hours for their express loans. But, that doesn’t include the time it takes for the lender to approve the loan, which could tack on another few weeks. So, instead of 60-90 days, you’re looking at 30-60 days for the SBA loan processing time when all is said and done.