Today, Rep. Lois Frankel (FL-21) issued the following statement reminding local small businesses that the last day to apply for a Paycheck Protection Program (PPP) loan is tomorrow, June 30.

“Congress has made billions of dollars in funding available for small business to help keep them afloat and continue paying their staff during the coronavirus crisis,” said Rep. Frankel. “More than 380,000 businesses in Florida have already received these fully forgivable loans, and time is running out to apply. Visit sba.gov/coronavirus to find a local lender and apply.”

According to the Small Business Administration (SBA), $134 billion in PPP funds are still available to help small business owners cover payroll and other critical expenses. On June 5, new legislation was signed into law making adjustments to the program, including:               

• Extending the eight-week period to 24 weeks;
• Changing the 75%/25% rule for payroll/other expenses to 60%/40%;
• Allowing the non-forgivable portion of the loan to now be repaid over five years instead of two; and
• Moving the requirement for a full workforce from June 30 to December 31, 2020.

Interested businesses can visit sba.gov/coronavirus to find a local lender and apply for the loan or call the SBA Disaster Assistance Customer Service Line at (800) 659-2955. Business owners in South Florida can also contact the Small Business Development Center’s Help Line at Florida Atlantic University at (954) 762-5235 or Rep. Frankel’s office with further questions at (561) 998-9045.

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