PPP Deadline Approaching for COVID-19 Loan Relief; SBA Launches Online Loan Matching Tool
The following article contains excerpts from press releases issued on June 19, 2020 by the Small Business Administration.
June 22, 2020 | With the June 30 deadline fast approaching for small businesses to apply for the Paycheck Protection Program (PPP), the U.S. Small Business Administration (SBA) launched a new online tool to match businesses and non-profits with lenders in the program.
The Lender Match tool connects borrowers with PPP loans as well as other SBA lending products, such as 7(a), 504, microloans, and community advantage loans currently offering debt relief. Toy Association member companies that have not yet applied for or received an approved PPP loan are encouraged to use this as an additional resource to connect with lenders.
The SBA and the U.S. Department of the Treasury also struck a deal with bipartisan leaders of the U.S. Senate Small Business Committee on June 19 to make additional PPP data public. To help ensure transparency, the SBA will now disclose business names, addresses, NAICS codes, zip codes, business types, demographic data, non-profit information, jobs supported, and loan amount ranges accounting for nearly 75 percent of the loan dollars approved for the program.
Toy Association members can access additional loan assistance information in the COVID-19 business toolkit by navigating to the Government Funding tab. This section continues to be updated with new information as it becomes available.