Paycheck Protection Program loan deadline approaching for small business owners

Businesses can apply to have some or all of their loans forgiven
Government lending program on hold after reaching $349 billion limit
Posted at 6:20 AM, Jun 26, 2020
and last updated 2020-06-26 07:20:20-04

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The deadline to access Paycheck Protection Program loans through the Small Business Association is Tuesday, June 30, and more than $129 billion dollars is remaining in the fund.

Eric Ness, the director of the SBA's Wisconsin Division, says there is help to match businesses with lenders if they need help accessing those loans before the deadline.

"If you need it and you can get to your lender quickly access it," Ness said.

The money is a loan, but businesses can apply to have the loan forgiven. You can find those applications on their website.

There is help for those struggling to pay back the loans, or need help finding out if their loans can be forgiven. Ness said the small businesses development center at UWM can offer guidance, as well as volunteer SCORE mentors.

"Having somebody there that you can kind of run things by and ... they have access to and what our programs are and other programs out there to help those small businesses," Ness said. "I think it's so important that when you are making that decision."

Ness says those same partners are there to help those businesses that closed but still owe money on a loan. He also recommends
they reach out to their lender.

"Frankly, we need these businesses and you know if they go out of business... A lot of the businesses who have been out of business, come back into business," Ness said.

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