Yednock Highlights Extended Paycheck Protection Program Deadline for Small Businesses

OTTAWA, IL – State Rep. Lance Yednock, D-Ottawa, is highlighting the recently extended deadline for the federal Paycheck Protection Program for small business owners needing relief funding due to COVID-19.

“This pandemic continues to have damaging economic effects on small businesses across the Illinois Valley” said Yednock. “The Paycheck Protection Program has the means to provide our businesses with critical loan support needed for their operations.”

Yednock is encouraging small business owners to take advantage of the now expanded PPP with $300 billion in funding for small businesses and an extended deadline for small business owners to apply for relief funding of Aug. 8. PPP loans have an interest rate of 1% and are eligible for complete forgiveness if the funds meet the threshold for payroll costs and other costs including mortgages, rent and utilities.

“The extension gives the opportunity for more businesses to receive vital assistance needed to curb some of the economic disruption caused by the virus,” said Yednock, “Small business owners in our communities deserve to know the options they have available to help them, I encourage those to apply for a forgivable loan through the PPP immediately.”

Small business owners can access full information about PPP loans by visiting the U.S. Small Business Administration website at sba.gov/ppp.