The Small Business Administration has informed lenders that Paycheck Protection Program funding has been exhausted and the PPP application portal is no longer accepting new applications. Thank you!
What can my PPP loan funds be used for?
PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. At least 60% of the PPP loan proceeds should be used for payroll costs.
Your “loan forgiveness covered period” is the period beginning on the date the lender disburses the PPP loan and ending on any date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement and (ii) ending on the date that is 24 weeks after the date of disbursement.
If you do not submit a loan forgiveness application to Denali State Bank within 10 months after the end of your loan forgiveness covered period, you must begin making principal and interest payments. For example, if a borrower’s PPP loan is disbursed on January 25, 2021, the 24-week period ends on July 12, 2021. If the borrower does not submit a loan forgiveness application to its lender by May 12, 2022, the borrower must begin making payments on or after May 12, 2022.
For round 1 recipients, instructions on how to complete a loan forgiveness application have been sent to the current email address on file. If you have not received any emails, please check your junk/spam folder for correspondence from [email protected].
Have more questions?