REMINDER: June 30th is the deadline for making application to the SBA for PPP
All: It’s important to note that for your stakeholders, June 30th is the deadline for making an application to the Small Business Administration for the Paycheck Protection Program.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Governor Edwards made the specific request for our Louisiana businesses to be reminded of this approaching deadline.