The Paycheck Protection Program still has over $130B left that can be applied for but the deadline for having an application approved is quickly coming up on June 30, 2020. This Program provides for forgivable loans that must be spent on payroll, mortgage payments, utility bills, rent and interest on loans. Through the recent passage of yet another Act by Congress, loans can be obtained for up to 5 years, and the amount that has to be spent on retaining jobs payroll has decreased from 75% of the loan to 60%.
Indiana financial institutions have approved 74,045 such loans through May 30, totaling $9,359,675,711. For questions or assistance with this program you may contact your local SBDC Business Advisor, Ron Gifford, at firstname.lastname@example.org.