First, if you feel that you made a mistake on your PPP loan application, reach out to your lender as soon as you can. If your loan application was not approved due to a mistake, then you can correct your error/s and resubmit your application.
How do I find out who has my PPP loan?
You can search data at FederalPay.org to learn which companies received PPP loans. You can narrow your search by industry, location, or company name.
Can I give my PPP loan back?
You are welcome to return the funds in full, as long as it’s before May 18. However, you will likely not be allowed to apply for another PPP loan—each business is only allowed to receive one PPP loan. You can speak to your lender to start the process of returning your loan.
Do you have to pay back a PPP loan?
Yes. PPP loans (the full principal amount and any accrued interest) may be fully forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan.
Is the paycheck protection program still available?
For more on stimulus aid still available, see our main story here. One of the most extensive parts of the U.S. government’s response to COVID-19 disruptions for businesses was the creation of the Paycheck Protection Program (PPP). This program has distributed more than $500 billion in loans since its creation.
What’s the purpose of a paycheck protection loan?
PPP loans are issued by private lenders and credit unions, and then they are backed by the Small Business Administration (SBA). The basic purpose of the PPP is to incentivize small businesses to keep workers on payroll and/or to rehire laid-off workers that lost wages due to COVID-19 disruptions.
When is the exclusivity period for paycheck protection loans?
First, from February 24 through March 9, there is a two-week exclusivity period for businesses with fewer than 20 employees to apply for first- and second-draw PPP loans. Secondly, eligibility for PPP was increased to include non-citizens who pay taxes and those with non-fraud felonies and student loan delinquencies.
When to apply for SBA paycheck protection loan?
The SBA also has a tool called Lender Match that can help businesses find an approved PPP lender. For the latest wave of PPP loans that were approved in December 2020, applications opened for select community-based lenders on January 11, 2021, and subsequently opened for more lenders in the following weeks.