NAPERVILLE – The federal government has extended the application deadline for the Paycheck Protection Program (PPP). State Senator Laura Ellman (D-Naperville) is encouraging local business owners to apply for the PPP and other forgivable loans through the Small Business Administration.

“Businesses of all sizes, in particular small local businesses, are facing unprecedented financial hardships,” Ellman said. “Many business owners are worried about what’s to come and if it will affect their ability to provide for their families. The Paycheck Protection Program helps give owners the ability to reestablish a level of stability.”

To help provide financial support to businesses, the Federal Treasury Department and the U.S. Small Business Administration extended the application period for the Paycheck Protection Program. Businesses can get up to $10 million in relief funding through the first come, first served program. Under the extended deadline, businesses must apply by Aug. 8.

The financial lifeline helps employers keep people on the payroll and pay overhead expenses. If used as intended, the loans don’t have to be repaid.

More than 27,000 Illinois businesses have already taken advantage of the loans – saving an estimated 1.36 million jobs – according to the Small Business Administration.

PPP loans have an interest rate of 1% and can be fully forgiven if they are used for payroll costs, rent, utilities or interest on mortgages. To find participating lenders, business owners and managers can visit the Small Business Administration’s website, found here.