The U.S. Small Business Administration, has extended the deadline for the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. This round of the PPP will continue to be processed through participating financial institutions and will be available through May 31, 2021. This round is open to both First Draw PPP Loans and a Second Draw PPP Loan. In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan and used the full amount of their First Draw PPP loan on authorized expenses, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

Since the program has been extended, Team RED has set up additional webinars to provide businesses with information and assist with questions.
Upcoming PPP webinar for the Metro East Region:

Date and time:  May 13, 2021 at 10:00 am and May 19, 2021 at 10:30am
Presenter: Tracey Glenn, Southwest Regional Manager, Illinois Department of Commerce
& Economic Opportunity with special guest, Darrah Perryman with SBA

Register Here