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• Transportation costs The amount of loan forgiveness, however, can be decreased if the borrower reduces its number of employees or cuts their wages by more than 25 percent. Loans through

the PPP are only available through SBA-approved lenders. You can check with your bank to see if it participates in the program or find one through the SBA's website. You also may email

the SBA at [email protected] or reach SBA representatives by phone at 800-827-5722. The agency also has set up a page with information about other coronavirus-related assistance available

to small businesses. BUMPS LIKELY AS LOAN PROGRAM RAMPS UP Because this is a new program, there may be changes or updates to the requirements once the lending process begins. Early into

PPP’s launch, advocates for the banking industry, including the Consumer Bankers Association and the Independent Community Bankers of America, voiced concerns that the individual banks that

might issue PPP loans had not yet received enough guidance from the SBA. Some advocates for small businesses also questioned whether the PPP would offer these companies the lifeline they

need now that their operations have been unexpectedly disrupted. In particular, critics said the government should provide grants — rather than loans that are eligible for forgiveness —

because many small business owners are reluctant to accrue debt even when business is going well. "The stimulus provides no remedy for the most critical need of small business owners —

unrestricted, direct grant assistance. Instead, business owners must apply for loans through an untested system, that is not designed for large-scale economic emergencies, and wait weeks to

months to receive the aid they desperately need now,”  John Arensmeyer, CEO and founder of Small Business Majority, an advocacy group, said following the program’s launch. “While loans may

benefit some small businesses in the long run, asking business owners to assume more debt is not the solution.” The SBA said it was working to ensure that entrepreneurs had quick access to

financial support that may help them navigate the crisis caused by the pandemic. "Speed is the operative word,” said SBA Administrator Jovita Carranza. “We remain committed to

supporting our nation's more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation's economic engine." _Editor’s note: 

This story was updated on July 6, 2020, to note that the deadline to apply for PPP assistance has been extended to August 8, 2020._