June 30 is the deadline for applying for loans through the Paycheck Protection Program, the federal government's primary COVID-19 lifeline for small businesses.

The U.S. Small Business Administration says approximately $128 billion remains available from the $324 billion Congress appropriated in April for the second round of lending.

Funding for the first round of PPP lending program ran out April 16, less than two weeks after the initial $349 billion fund was launched.

The program provides forgivable loans up to $10 million to cover payroll and certain other costs to eligible small businesses with 500 or fewer employees.

Loan Totals

As of June 20, the program had approved 4,666,560 loans totaling $514.9 billion through both rounds, with an average loan of $110,187.

In Connecticut, $6.6 billion in loans have been made to 58,257 small businesses.


Program Changes

The PPP has also gone through a number of refinements, with Congress acting earlier this month to add more flexibility to program requirements.

Those changes included extending the period for using loan funds from eight to 24 weeks; reducing from 75% to 60% the amount that must be used on payroll costs; and expanding opportunities for loan forgiveness due to layoffs or furloughs.

Earlier this month, the SBA also reopened the Economic Injury Disaster Loan program, which provides loans and $10,000 forgivable advances for eligible small businesses.

And last week the Federal Reserve launched the $600 billion Main St Lending Program, designed to support businesses that did not meet requirements for PPP loans and other relief initiatives.