What the Paycheck Protection Program means for you

KELOLAND.com Original

SIOUX FALLS, S.D. (KELO) — According to the South Dakota Department of Labor and Regulations, the Paycheck Protection Program provides a loan to businesses with fewer than 500 employees to keep workers on the payroll.

The Small Business Administration will forgive the loans if all employees are kept on the payroll for eight weeks and the loan is used for payroll, rent, mortgage interest or utilities.

But currently, the SBA says it can’t take any new applications for the PPP based on available appropriations funding. In other words, there isn’t any money left. According to Jaime Wood, the SBA District Director for South Dakota, that’s only for the first round.

“We’re still waiting on notification of final decision and approval of next round of PPP,” Wood said in an email.

Wood also said the first round of the Payment Protection Program ended last Thursday, April 16, 2020. According to the Small Business Administration’s website, South Dakota received $1,369,616,339.

Page 3 of PPP
Page 3 of PPP

If you want to apply for the second round of PPP, if and when it passes, here’s some information you need to know from the SBA’s website:

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The Paycheck Protection Program will be available through June 30, 2020, according to the website.

Click here for the website.

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