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FOR IMMEDIATE RELEASEMELVILLE, NY – The PPP (Paycheck Protection Program) designed to provide a forgivable business loan to businesses throughout the United States, has had its deadline extended to August 8, 2020. However, most banks who participated in the program are no longer issuing loans. A small number are successfully processing PPP loans, for businesses with one to hundreds of employees, as well as solo business owners.
According to Christopher Ulrich, President of Cloverfield Advisors, LTD, “COVID-19 has caused the most daunting financial challenges for businesses in our lifetime. The government responded with the PPP loan program, which has caused a great deal of confusion with businesses and banks alike. Many applied and received no response or were not processed. In the end, 74% of business still have not received PPP loans.”
However, he explained, there is hope.
“Congress has extended the PPP program through August 8, 2020,” he continues. “Yet most banks are not processing loans, either because of internal challenges, or the low fees paid to banks for handling the loans. There are a handful of opportunities to get these loans, as long as small businesses act immediately.”
The PPP program was designed to allow loans up to 2.5x monthly payroll for businesses, with a cap of $20,833 per employee. Self-employed individuals have qualified, as well as companies with dozens, hundreds of workers or more. “A great deal of misinformation was floating through the public and the banks. There are still opportunities for millions of small businesses nationwide.”
Opportunities still exist, but business owners must act fast. “These programs are scheduled to end August 8, and those who want to participate must respond now.”
For more information about the SBA and the Paycheck Protection Program, visit https://CloverfieldAdvisors.com/ppp, email ppp@CloverfieldAdvisors.com or call the PPP Hotline at (646) 687-4400.
About Cloverfield Advisors, LTD
Cloverfield Advisors, LTD is a financial advisory firm that assists companies nationwide with financial and consulting services, including securing grants, incentives, tax credits and participation in other programs.
To learn more:
Christopher Ulrich, President
Cloverfield Advisors, LTD
201 Old Country Road, Suite 204
Melville, NY 11747
(800) 294-1165
culrich@CloverfieldAdvisors.com
https://CloverfieldAdvisors.com
#ppp #sba #paycheckprotectionprogram
Contact Info:
Name: Christopher Ulrich
Email: Send Email
Organization: Cloverfield Advisors LTD
Address: 201 Old Country Road, Suite 204, Melville, NY 11747
Phone: (646) 687-4400
Website: https://CloverfieldAdvisors.com
Release ID: 88968454