Those who have yet to access Paycheck Protection Program loans will have to act quickly as the program will stop accepting applications on Tuesday, June 30. Administered by the Small Business Administration (SBA), PPP was funded by Congress to the aggregate amount of $610 billion, but as of this writing there is still almost $100 billion available. PPP loans may be forgiven so long as at least 60% of the loan amount is spent on payroll costs over a 24 week period by December 31. Other expenditures eligible for PPP loan forgiveness include mortgage, rent and utilities. Loans issued after June 5 have a 5 year maturity and a rate of 1%. To apply for a Paycheck Protection Program loan, you will have to act fast however! The PPP loan application is available here. We would also remind you that as we advised last week, the SBA has reopened the application process for the Economic Injury Disaster Loan (EIDL) program. EIDL loans, which provide flexible working capital loans at 3.75% with a 30 year term, may also include a forgivable $10,000 emergency advance for eligible small businesses suffering revenue loss from the coronavirus pandemic.