Deadline looms for Payroll Protection Program applicants
The deadline to apply for the Payroll Protection Program is approaching for businesses struggling due to the COVID-19 pandemic.
The Small Business Administration program terminates in a week. The aid it provides is designed to help businesses, big and small, with forgivable payroll loans.
Many businesses applied for the program but found it complicated or were turned down by lenders.
Financial experts say there have been recent changes to the PPP that have eased the rules – making the loans less daunting. They also say businesses need to keep applying before time runs out at the end of the month.
“This this is the difference between surviving or closing up," says Neil Seidel, of Asset Enhancement Solutions.
Financial experts say 1099 employees, freelancers or independent contractors can even apply for the program as well.