Congresswoman Torres Small is reminding small businesses that the deadline to apply for the Paycheck Protection Program (PPP) is next Tuesday, June 30th. To date, lenders have dispersed over $515 billion of PPP loans, with New Mexico businesses accounting for over $2.2 billion of that. Over $100 billion dollars remains in the PPP fund; we want to be sure that all eligible businesses that are interested in applying do so before June 30th.
Additionally, Congresswoman Torres Small cosponsored the PPP Flexibility Act, improving terms for PPP loan recipients. Signed into law on June 5, 2020, the Paycheck Protection Flexibility Act:
- Allows forgiveness for expenses from 8 weeks to 24 weeks,
- Changes restrictions that limit non-payroll expenses
- Eliminates restrictions that limit loan terms to 2 years
- Ensures full access to payroll tax deferment for businesses that take PPP loans
- Extends rehiring deadline from June 30, 2020 to December 31, 2020
- See bill text here.
Businesses who have previously disregarded or turned down this opportunity are encouraged to reconsider taking advantage of the program, as loan terms and forgiveness conditions have been amended to make the loans easier for businesses to use. If you have any questions about the Paycheck Protection Program, please feel free to reach out to our office.
Businesses applying for PPP loans must apply through a participating lender. More information can be found here.