CHICAGO – State Rep. Kam Buckner, D-Chicago, is drawing attention to the recent extension of the deadline for small businesses to apply for the federal Paycheck Protection Program (PPP).
“Economic disruption caused by the COVID-19 pandemic is still hurting small businesses in Chicago and I want small business owners to know that continued relief is available,” Buckner said.
“Recently extended funding for PPP loans offer the opportunity to act as a critical lifeline for small businesses.”
A recent PPP extension replenished the relief program with over $300 billion in funding for small businesses and extended the deadline for small businesses to apply for relief funding to Aug. 8. PPP loans have an interest rate of 1% and are eligible for complete forgiveness if the funds meet benchmarks for payroll costs and other costs including mortgages, rent and utilities. Furthermore, the PPP extension instituted critical reforms to provide equitable access to funding for minority-owned businesses and women-owned businesses. Small business owners can access full information about PPP loans by visiting the website of the U.S. Small Business Administration at sba.gov/ppp.
“With reforms in place to help ensure access to funding for minority-owned businesses and women-owned businesses, more small businesses will be able to access critical economic relief,” Buckner said. “I highly encourage small business owners in need of economic relief to apply for a forgivable PPP loan and for small business owners that missed out on previous funding to take advantage of this extended and reformed relief program.”