An extension to the Paycheck Protection Program (PPP) from March to May allowed more time for small firms and businesses looking to draw from the program for a second time to benefit from it. But without additional funds, the program is expected to dry up soon.

The federal Paycheck Protection Program (PPP) application deadline has been extended to May 31, offering small businesses another opportunity to secure critical funds to curb the economic ripple effects of the pandemic.

During the first round of Paycheck Protection Loans last year, Customers Bank of West Reading was able to assist in more than 100,000 PPP loans totaling more than $5 billion.

Lenders with less than $1 billion in assets can now submit applications for the second round of the Paycheck Protection Program (PPP) starting today, but borrowers looking to use the program a second time will have more hoops to jump through than they did last year.

Borrowers who received loans of $50,000 or less from the Paycheck Protection Program will now be forgiven for the full loan amount regardless of any decreases to their full-time employee count or wages.

Businesses and individuals considering bankruptcy during the pandemic might be holding off for now while the crisis unfolds, but experts expect bankruptcies to rise as companies continue to struggle.

“CDFIs are committed to supporting entrepreneurs and small businesses in low-income and underserved communities and that means collectively, these CDFIs will help keep paychecks flowing to employees who may need it the most.”

While much of the discussion on the economy’s post-pandemic future has been negative, a recent flash poll conducted by Herbein + Co. of Wyomissing shows surprising optimism among business leaders in the Mid-Atlantic.

Employers can expect to be fully forgiven for their Paycheck Protection Program (PPP) loan if they make a “good-faith” effort to bring back laid-off employees onto their payrolls — even if an employee declines their offer.

Federal officials are working with local lenders to help small businesses pay the bills and keep workers on furloughed status — a kind of induced economic freeze — so they are positioned to make a successful economic rebound on the other side of the COVID-19 pandemic.