Billions of Dollars Still Available, But Deadline to Apply is June 30th

There have been so many changes to the Paycheck Protection Program since its initial roll out in April that many small business owners have waited to see how the U.S. Treasury Department and the Small Business Administration, who administers the fund, will interpret its many rules and regulations. If you are one of those cautious business owners who has looked at the recent guidance from SBA and Treasury and determined that a PPP loan might be right for you or your practice, be aware that the deadline to apply for a loan through the program is two weeks from today, Tuesday, June 30th.

When funding to the Paycheck Protection Program – part of Congress’s $2.2 trillion coronavirus relief package – first became available on April 3rd, it only took two weeks before all funding – almost $350 billion – was exhausted. In late April, Congress added an additional $310 billion to the fund, but demand has not been nearly as high during the second round, likely due to the chaotic implementation and execution of the program, as well as numerous questions surrounding the use of funds, loan forgiveness, etc. More than seven weeks after the additional funding weas added, more than $130 billion remains available to small businesses across the nation.

Recent changes by Congress signed into law by President Trump were designed to make the program more flexible, allowing for more expenditures to be used on non-payroll expenses, extending the period to use loan proceeds, and making loan forgiveness easier to achieve.

Deadline Looming

If you’re still deciding whether to apply for a PPP loan, know that the SBA’s deadline to accept applications remains June 30, 2020. If possible, submit your application as soon as possible to avoid getting shut out from receiving funding if something is wrong with your application. Do not wait until the last minute.

Finding a lending institution at this point could also be a problem, as some financial institutions have hit their lending cap. SBA has a Lender Search Portal available here:

Also, PayPal and Kabbage are believed to still be accepting applications through the links below:

• PayPal
• Kabbage

Additionally, malpractice insurer NCMIC has become a PPP lender and is now able to help policyholders, non-policyholders, and the chiropractic industry. To date, they have funded more than $1 million in loans to chiropractors. To apply through NCMIC, click here.

For More Information
The MAC has provided a wealth of information on the Paycheck Protection Program and other federal loan and grant programs available due to the COVID-19 pandemic. Check out the COVID-19 Toolkit on the MAC’s COVID-19 Information page. Of special interest is the MAC’s PPP Loan Forgiveness FAQ (Updated June 15, 2020). This document covers such topics as:

• Costs Eligible for Forgiveness
• Potential Reductions to Loan Forgiveness Amount
• Documentation Requirements
• SBA Review of Individual PPP Loans

CFCU Has Loan Options Available
Unfortunately, due to its size, Chiropractic Federal Credit Union is not an approved lender and are unable to make loans under the SBA’s Paycheck Protection Program. However, CFCU does have loan options available. Contact CFCU at (248) 478-4020 for more information.

SBA’s Economic Injury Disaster Loans and Advance Program Once Again Open to All Eligible Small Businesses



The interest rate for a small business receiving an EIDL is 3.75%.  To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years, and the first payment is deferred for one year.