Are There Still Ppp Funds Available

PPP funds may still be available to businesses that meet certain criteria. The Paycheck Protection Program (PPP) was a loan program created by the CARES Act to help businesses keep their employees on the payroll during the COVID-19 pandemic. The PPP closed to new applications on May 31, 2021, but there may still be some unclaimed funds available. Businesses that have not yet applied for a PPP loan should contact their lender to see if they are eligible.

SBA PPP Loan Eligibility

To be eligible for an SBA PPP loan, businesses must meet the following criteria:

Size Requirements

  • Businesses with up to 500 employees (including part-time and seasonal employees)
  • Businesses in industries with special size standards can have more employees and still be eligible

Ownership Requirements

  • Sole proprietorships
  • Independent contractors
  • Self-employed individuals
  • Small businesses with fewer than 500 employees
  • Certain non-profit organizations

Operational Requirements

  • Must have been in operation before February 15, 2020
  • Must have sustained a revenue loss due to the COVID-19 pandemic
  • Must use the loan proceeds for eligible expenses


  • Businesses with certain types of criminal convictions
  • Businesses that have defaulted on previous government loans
  • Lending institutions
  • Lobbying firms
Loan AmountMaximum Loan Term
2.5 times average monthly payroll costs2 years

Current PPP Loan Program Status

The Paycheck Protection Program (PPP) has concluded its application period and is no longer accepting new loan applications. The final deadline to apply for a PPP loan was May 31, 2021.

However, borrowers who have already received PPP loans may still be eligible for loan forgiveness. The PPP loan forgiveness process is ongoing, and borrowers can apply for forgiveness until the maturity date of their loan.

Are There Still PPP Funds Available?

Due to the exhaustion of funds, the Paycheck Protection Program (PPP) has ended.

Alternative Financing Options for Businesses

  • Small Business Loans: Traditional loans offered by banks and credit unions, secured or unsecured, with varying interest rates and terms.
  • Alternative Lenders: Online platforms that provide short-term loans, lines of credit, and revenue-based financing with flexible terms.
  • Crowdfunding: Raising funds through online platforms from a large number of small investors.
  • Invoice Factoring: Selling outstanding invoices to a third party to receive payment upfront.
  • Merchant Cash Advances: Receiving a lump sum in exchange for a percentage of future credit card sales.
  • Equipment Financing: Leasing or financing essential equipment for business operations.
Financing OptionAdvantagesDisadvantages
Small Business Loans
  • Established process
  • Fixed terms
  • Potential for lower interest rates
  • Strict eligibility requirements
  • Longer application process
  • Collateral may be required
Alternative Lenders
  • Flexible terms
  • Faster application process
  • Access to funds for businesses with poor credit
  • Higher interest rates
  • Shorter loan terms
  • Hidden fees
  • No interest or credit checks
  • Potential to build a community of investors
  • Equity-based crowdfunding may offer ownership stake
  • Time-consuming process
  • Competition for funding
  • Fees associated with platforms

SBA Loan Forgiveness

The Paycheck Protection Program (PPP) offered forgivable loans to businesses impacted by the COVID-19 pandemic. To qualify for loan forgiveness, borrowers must meet certain requirements, such as:

  • Using the loan proceeds for eligible expenses
  • Maintaining the same number of employees
  • Providing documentation to support their application

Borrowers who meet the requirements can apply for loan forgiveness through their lender. The lender will review the application and make a decision on whether to approve the forgiveness.

SBA Loan Repayment

Businesses that do not qualify for loan forgiveness or choose not to apply for it will have to repay their PPP loans with interest. The repayment terms will vary depending on the amount of the loan, the length of the loan, and the borrower’s financial situation.

Borrowers who are having difficulty repaying their PPP loans may be able to contact their lender to discuss repayment options, such as an extension, a reduced payment plan, or a deferment.

PPP Loan AmountLoan TermInterest Rate
Less than $50,0002 years1%
$50,000 to $100,0005 years2%
Over $100,00010 years3%

Well, there you have it, folks! We’ve gone over the ins and outs of PPP funds, their availability, and what the future holds. I hope this article has been helpful in shedding some light on the matter. Remember, the situation is fluid, so stay tuned for updates. In the meantime, thanks for reading, and don’t forget to check back for more informative articles in the future. Take care!