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.

“The first round was helpful but it created a lot of uncertainty and anxiety,” Josh Kesler, restaurant owner said. “In the second round, the process was much clearer because everyone including the SBA, financial institutions and borrowers had all been through it before.”

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.

State lawmakers praised the coming of the $900 billion federal stimulus package approved by the Senate and Congress this week but noted that much more must be done before the nation recovers from its public health and economic crisis.

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.

Soon after Black Lives Matter protests erupted across the country, requests for a directory of Black-owned businesses started flowing into the office of the Harrisburg-based African American Chamber of Commerce of Central Pennsylvania.

A list of 34 central Pennsylvania companies who received up to $10 million in Paycheck Protection Program (PPP) loan money was disclosed on Monday by the Small Business Administration.

“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.”

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.

This dual focus on present needs and long-term planning can help businesses successfully adapt not only to the current crisis but also the yet-to-be-defined new normal that awaits. Below is a guide through short and long-term impacts and corresponding areas of focus for business planning.

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.