In order to help small businesses who were negatively impacted by the COVID-19 epidemic, the Paycheck Protection Program (PPP) was formed in 2020. Originally scheduled to terminate on March 31, 2021, the initiative has now been extended until May 31, 2021, with an additional 30-day window for processing loans that are currently in the works.
Therefore, to answer the main query, PPP loans will still be offered in 2021. The program has undergone adjustments, though, and now businesses must meet specific criteria in order to be eligible for a loan.
Is the PPP loan insolvent? is among the most often asked queries. No, is the response. For those companies who qualify, there is still money available to apply for a PPP loan. The Small Business Administration (SBA) has authorized approximately 7 million PPP loans worth over $675 billion as of March 21, 2021.
Businesses can also wonder whether Blue Acorn has SBA approval. Although it offers services to businesses, Blue Acorn is not an SBA-approved lender. Instead, it is an e-commerce agency. However, companies who use Blue Acorn can still apply for a PPP loan through a lender that has been approved by the SBA.
The answer to the query of whether businesses can submit PPP applications with numerous banks is no. Only one lender may be used by businesses to apply for a PPP loan. However, if a company has previously applied for a PPP loan but has not yet secured money, they might be entitled to do so again with the same lender.
Business owners may also ask whether lenders are currently accepting PPP loan applications. PPP loan applications are still being accepted by numerous banks and financial organizations. Businesses should contact their preferred lender to learn more about the application procedure and to find out whether they are still taking applications.
PPP loans are still available in 2021, but companies must meet certain criteria in order to be eligible. Businesses should check with their preferred lender to see if they are still taking applications as the program has been extended through May 31, 2021. Businesses that have already applied for a loan may be eligible to apply for a second draw loan through the same lender because the PPP loan does not run out of funds.