A lot of small businesses have been scared during the pandemic. They have been struggling to thrive, much less survive, and many of them have just ceased to exist. But there are also businesses that were able to hang on, all thanks to the Paycheck Protection Program.
The Paycheck Protection Program is a great program made in response to the pandemic to help small businesses. The businesses that are now starting to be back to pre-pandemic operations, have utilized the PPP funding properly, and have kept their employees employed are now having a much easier time. In particular, the restaurant industry and the hospitality industry have greatly benefited from the Paycheck Protection Program.
What is the Paycheck Protection Program?
The Paycheck Protection Program or PPP was designed to keep employees employed. It also provided funds so businesses could pay their utilities, mortgage interest, rent, and all of the other necessary expenses to keep their doors open.
Things You Need to Know About the Paycheck Protection Forgiveness
The deadline to apply for forgiveness is 10 months after your payroll period ended. It's not based on the start of the PPP loan or when you got it but it's on when you used up the funds. You had either an 18- or 24-week window to use this money. If you got your money early back in April of 2020 and you had 24 weeks, you're now coming into the deadline window.
Additionally, you're not going to know when your deadline is unless you apply for forgiveness. So the earlier you go ahead and apply for forgiveness, the less likely it is that you’re going to miss it.
The earliest deadlines are coming up on August 1 so don't wait. Get ahead of it and start now. Know what those deadline dates are. Don't miss this opportunity. It is why paycheck protection is actually so valuable to post-pandemic success for small businesses.
Finally, the application for forgiveness needs to be done through the lender that issued the paycheck protection loan since it got issued as a loan.
If you want to learn more about the Paycheck Protection Program deadlines, check out 053: Paycheck Protection Program Deadlines June 2021