Businesses will have more time to apply for the Paycheck Protection Program thanks to an extension by the U.S. Senate.
The application period now runs through May 31st. NexTier Bank CEO Clem Rosenberger says that will give the Small Business Administration additional time to evaluate the applications with the hopes to have them all approved by June 30th.
“There’s actually a delay, usually it’s only a day or two. Some applications have been sitting out there for quite some time,” Rosenberger said. “SBA has different filters that they’re putting these loans through, to just check and make sure that people are truly eligible and there’s not fraud in the system.”
NexTier is also helping with forgiveness applications. They say applicants for the second draw of PPP loans of $150,000 or less who did not supply proof of the required revenue reduction of 25% for any quarter in 2020, at the time of application, will have to submit documentation when you seek forgiveness.
NexTier encourages any business that needs help with the PPP loan, to stop by any of their locations or email PPPQuestions@nextierbank.com.