$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.
