There are still funds available for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). However, these funds could go quickly, so the Wyoming Small Business Development Center (SBDC) Network is advising all entrepreneurs to apply now.
What is the Paycheck Protection Program?
Here are some quick details about the PPP :
- Loans can be for up to two months of a business’s average monthly payroll costs from the last year plus an additional 25% of that amount, up to $10 million.
- Loans have a maturity of two years and an interest rate of 1%.
- Loan payments will be deferred for six months.
- No collateral or personal guarantees are required.
- Loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities.
- At least 75% of the forgiven amount must have been used for payroll.
The PPP loans are made by SBA participating lenders, including banks and credit unions across Wyoming, with a 100% guarantee from the SBA. A current list of Wyoming SBA lenders is available at sba.gov/wy in the “Business Resources and News” section under “Lending Activity.”
Who Can Apply?
Most small businesses are eligible for this program. Even self-employed individuals (with or without employees), self-employed farmers, and 501(c) 3 nonprofits are eligible to apply. Instructions for how to calculate loan amounts for different types of businesses are available on the Treasury.gov web site.
PPP in Wyoming
Many Wyoming banks and credit unions are reporting that they have received loan approvals from SBA for nearly all of the PPP loan applications they had in their pipelines, and they are accepting new applications while the funds remain available. As of this weekend, Wyoming had 4,222 loans approved in the second round of the PPP, totaling More than $195 million. In the first round, Wyoming received an additional 7,618 loans totaling more than $837 million.
If you are unsure whether your business qualifies, it’s not too late to talk with one of our advisors or your lender – but don’t wait! Get in touch with your local Wyoming SBDC Network advisor for no-cost, confidential services by clicking here.