/Small Businesses Need More Time to Apply for PPP Loans

Small Businesses Need More Time to Apply for PPP Loans

Small business owners are asking for additional time to apply for Paycheck Protection Program loans from the federal government. The current deadline to apply for the loan is March 31 but business owners cited recent changes made to the program and delays in processing applications when asking to extend the deadline.

“Time is not on our side. These businesses need a little more help, and they’re willing to do the work,” Hilda Kennedy, president of the PPP lender AmPac Business Capital, said Wednesday during a House Small Business Committee hearing focused on the future of the program.

Ms. Kennedy was speaking of the very smallest firms, such as those owned by sole proprietors. “We need more time to serve them,” she added.

As of March 7, the Small Business Administration had approved 2.4 million loans totaling roughly $165 billion, or nearly 60% of available funds, for loans to first-time and returning borrowers under the reopened program, according to agency data. Lenders issue the loans, and the SBA guarantees them.

Advocates say a deadline extension would give lenders more time to implement the administration’s recently announced changes and inform small businesses about how the revisions could benefit them.

Keep reading at Fox Business for more.