Governor Kay Ivey’s office on Wednesday released an update on federal COVID-19 relief programs and encouraged more eligible small businesses to take advantage before upcoming application deadlines.
First, the highly scrutinized Paycheck Protection Program (PPP) closes in just one week, on June 30.
“Businesses across Alabama still have an opportunity to apply for relief through the Paycheck Protection Program,” Ivey said in a statement. “Funds remain available, and I strongly urge any Alabama small business who has not yet taken advantage of this aid to do so by contacting their financial institution and applying today.”
Recent changes have simplified the process for obtaining a PPP loan and having it forgiven. Nearly $125 billion in funding remains available nationwide for allocation. You can apply here.
As of June 12, Ivey’s office advised that a total of $6.11 billion in PPP funding had been provided to 62,054 small businesses in Alabama.
“The PPP application window is only open for one more week, so I encourage our small business owners to take this step as soon as possible, before it officially closes on June 30,” Ivey concluded. “COVID-19 has had unavoidable consequences on our economy, but thanks to the Paycheck Protection Program, more than 62,000 Alabama small businesses have received help. I am proud to stand behind our small businesses and continue offering my support for them.”
Additionally, the Economic Injury Disaster Loan program reopened to all eligible applicants on June 15. Applications submitted prior to April 15 are now being processed, and new applications are currently being accepted.
The EIDL Advance, which provides a $1,000 grant per employee (up to $10,000 total), has also been restarted. Loans through the EIDL program are capped at $150,000 and are obtained directly from the Small Business Administration. The deadline for applying for this long-term, low-interest loan is December 31. You can apply here.
Ivey’s office said that a total of $924 million in EIDL funding has been provided to 15,141 small businesses in Alabama as of June 12.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn
