While Congress recently passed a $900 billion stimulus bill, which includes a provision for another round of PPP loans, we are still awaiting formal guidance from the Small Business Administration (SBA). It is expected that the SBA will provide clear directions in the next few weeks as to the eligibility requirements of the new program, as well as the expectations from both the borrower and lender for this process. Once information is provided to the banks, we will be sharing these updates with all of our clients via email.
Please stay up to date on all communications received from HarborOne as we continue to decipher the next steps for PPP as it evolves. You can also get the latest information by visiting www.harborone.com/sbappp. HarborOne is expecting to be an active participant in this next round of funding, but at this time applications are not available.
Paycheck Protection Program (PPP)
The U.S. Small Business Administration has made some very important changes to the Paycheck Protection Program.
In addition to extending the Covered Period, they are now providing for greater flexibility making it easier to have your loan forgiven. You should familiarize yourself with these changes by visiting www.sba.gov/funding-programs.
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