There were approximately $9 billion of funding left in the Paycheck Protection Program (PPP) as of May 6. Because preference is being given to smaller lenders right now, consider applying through a smaller community bank rather than a large national bank.
If you’ve already received PPP funds, remember you have only eight weeks to use them to meet the criteria for loan forgiveness. You must apply for loan forgiveness through the lender that is servicing your loan. The request will include documents that verify you’ve met the conditions for loan forgiveness (e.g., the number of full-time equivalent employees and pay rates, the payments on eligible mortgage, lease and utility obligations). The lender must make a decision on the forgiveness within 60 days.
Have questions about the PPP? Check out our PPP webinar on AGA University, our PPP FAQ and join the discussion on the COVID-19 Financial Relief 101 Community roundtable forum to ask questions.
PPP isn’t the only financial assistance program available to physicians. Check out AGA’s Guide to COVID-19 financial assistance programs for physicians for information on other programs such as the Main Street Lending Program, Economic Injury Disaster Loan and Emergency Grant, and Expedited Bridge Loan assistance.