Paycheck Protection Program to end June 30, Ivey reminds

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Published: Jun. 25, 2020 at 11:09 AM CDT
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By WSFA Staff | June 24, 2020 at 12:32 PM CDT - Updated June 24 at 1:15 PM

MONTGOMERY, Ala. (WSFA) - Gov. Kay Ivey wants to remind Alabama businesses that the Paycheck Protection Program (PPP) will soon close.

The program, which provides businesses impacted financially by the coronavirus with forgivable loans, will close on June 30. The governor’s office says nearly $125 billion in funding remains available.

“Businesses across Alabama still have an opportunity to apply for relief through the Paycheck Protection Program. Funds remain available, and I strongly urge any Alabama small business who has not yet taken advantage of this aid to do so by contacting their financial institution and applying today.” Ivey said in a statement.

To file an application, click this link.

In early June, the federal government eased restrictions to the program making it easier for businesses to comply.

Aside from PPP, the Economic Injury Disaster Loan Program (EIDL) reopened to eligible applicants on June 15. All applications submitted prior to April 15 are being processed and new applications are being accepted.

The deadline for applying for this long-term, low-interest loan is December 31. An EIDL application is available here.

So far, a total of $6.11 billion in PPP funding has been provided to 62,054 small businesses in Alabama. A total of $924 million in EIDL funding has been provided to 15,141 small businesses in Alabama.

Copyright 2020 WSFA 12 News. All rights reserved.

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