The forgivable loans “need additional time for them to actually produce the desired result,” said the letter from the U.S. chamber. “Extending the PPP deadline through the end of this year will ensure that the segment of small businesses facing the greatest obstacles do not get left behind.”
Added the chamber: “We continue to need your help to ensure that Main Street emerges from the COVID-19 pandemic in a position of strength that bolsters America’s recovery.”
The current deadline to apply for the loans — which become grants when eligible companies use the money correctly — is March 31.
“While PPP has proven vital to surviving the effects of COVID-19 for many businesses, the need still exists, especially for those businesses that have historically been under served,” the Dayton chamber said on its web site.
The U.S. chamber’s letter can be read here.
For more information about the PPP program, visit sba.gov.
Maggie Ference, senior vice president and Small Business Administration director at Huntington National Bank, said in a press conference this week that the PPP program is not a “normal loan process.”
“There are no guarantors,” Ference said. “There is not an expectation for collateral support. There is no analysis for capacity for repayment. Don’t be concerned with your credit score heading into this opportunity.”
Applicants don’t need a business relationship with a bank to get started, she also said. Business payroll dictates the loan amount, but funds can also be used for other reasons — mortgages, rent, utilities and other operational expenses.
Said Ference: “This is a truly once-in-a-lifetime opportunity to get access to these funds.”
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