While the first round of PPP funding, $349 billion, ran out in the first two weeks, the second round, a total of $310 billion, still has $130 billion that is yet to be claimed.
Demand has cooled from small businesses, mainly due to confusion over how the program works and the restrictions on qualifying for forgiveness of the loan.
Since the PPP was put in place, there have been many updates and changes made to how small businesses can qualify for full or partial forgiveness.
However, the window to apply for a PPP loan is quickly closing. All loans need to be approved by June 30th, so if you’ve been waiting to apply, now is the time.
“PPP applicants who received funding back in April may be close to using up all of their money. Currently, recipients can’t take a second infusion of cash from the loan program, although there’s some legislation in the works to further extend the lifeline for some businesses.”