Less than a month before the May 31st application deadline, the Small Business Administration (SBA) says general funding for the Paycheck Protection Program (PPP) has run out, meaning most businesses can no longer apply for a PPP loan.

For businesses with an outstanding approved application, the SBA says those loans will still be funded. However, new qualifying applications will only be funded through Community Financial Institutions. It is unclear if Congress will try to add more funds to the program.

DGC has a proven process that utilizes our sophisticated model and incorporates our data analytics experience and accounting expertise to maximize PPP loan forgiveness. If you have questions, please contact a member of your DGC client service team or George Shaw, CPA at 781-937-5125 / gshaw@dgccpa.com or Kimberley Train, CPA, ABV at 781-937-5112 / ktrain@dgccpa.com.

If you would like to get alerts and insights like this sent directly to your inbox, sign up here.