On July 6, 2020, the U.S. Small Business Administration (SBA), along with the Treasury Department, published detailed information regarding loans made under the Paycheck Protection Program (PPP), and the results met with praise from officials, including Secretary Steven T. Mnuchin.
“PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Mnuchin said. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses.”
By being on the leading edge of the financial news and regulations, The Shealy Group was able to help many of its small business clients secure the PPP loans to help them weather the financial crisis spurred by COVID-19. In fact, 100% of our small business clients who applied for the loan received funding, due in large part to our accountants’ prompt guidance and advice. The loans are forgivable if used for payroll costs, interest on mortgages, rent, and utilities; at least 60% of the forgiven amount must have been used for payroll.
The SBA resumed accepting applications for the PPP on July 6, 2020, as a result of the President signing legislation to extend the program. Applicants are now eligible to apply for a PPP loan until August 8, 2020.
To read the SBA and Treasury’s press release announcing the loan results, visit:
To learn more about the SBA PPP loan and how to apply, visit:
If you have questions about whether the PPP loan could benefit your company and employees, contact The Shealy Group at 419-524-2875, and we’d be happy to help you explore your options.