REMINDER IL-06 Small Businesses: PPP Loan Application Deadline Due June 30th
Downers Grove, IL- Today, U.S. Representative Sean Casten (IL-06) reminded small businesses in Illinois’ 6th District of the June 30th application deadline for the Paycheck Protection Program. For more information and to apply for the forgivable loan, click here.
“Small businesses across IL-06 are the foundation of our community. As they continue to navigate this uncertain time, it’s essential we provide them with the necessary resources to help them stay afloat. The Paycheck Protection Program has been an important lifeline for small businesses in the 6th District.,” said Rep. Casten. “As we approach the June 30th deadline, I strongly urge our small businesses to apply for PPP and reach out to my office if you have any questions.”
On May 28th, Rep. Casten voted to pass the Paycheck Protection Program Flexibility Act.
The Paycheck Protection Program Flexibility Act includes the following provisions:
- Allowing loan forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increasing the current limitation on the use of loan proceeds for non-payroll expenses from 25 percent to 40 percent;
- Extending the program from June 30 to December 31;
- Extending loan terms from two years to five years;
- Ensuring full access to payroll tax deferment for businesses that take PPP loans.
Casten has been a vocal leader in urging House Leadership to include immediate relief for our small businesses, specifically the need for additional PPP funds.
These recommendations are a result of conversations with Illinois business owners during the three webinars Casten has hosted with Illinois SBA District Director, Robert Steiner. Casten also launched a small business resource page on his website to provide information to small businesses and nonprofits across Illinois 6th District.