• November 15, 2024
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Paycheck Protection Program Report

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$130 billion is still available in the paycheck protection program. Brad Ray, President / CEO of Security Savings Bank in Monmouth says the application deadline for new loans is June 30, 2020. Forgiveness expense tracking period has been increased from 8 weeks to 24 weeks. Percentage of Payroll Expense as a proportion of total forgivable expenses have been decreased from 75% to 60%, and loan maturities have been increased from 2 years to 5 years for any balances that are not forgiven. Over 186,000 PPP loans have been granted in Illinois totaling over 22 billion dollars. The nationwide overall average PPP loan size is $113,000.

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