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Van Bruggen & Vande Vegte, P.C.

Founded by Arthur Van Bruggen in 1977 as the first CPA firm serving Northwest Iowa, our commitment was, and still is, to serve the best interests of each and every one of our clients. Please take a few moments, acquaint yourself with our firm and contact us for more information about our accounting or financial services.

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Orange City Office
113 3rd St NE
Orange City, IA 51041
Phone: 712-737-2030
Fax: 712-737-2075
Rock Valley Office
P.O. Box 40
1313 Golf Course Road
Rock Valley, IA 51247
Phone: 712-476-2725
Fax: 712-476-2726

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Email: info@vbvv.cpa

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PPP loan updates

general
Posted by Admin Posted on Apr 18 2020

Dear business clients,

The Paycheck Protection Program (PPP) reached its funding limit of $349 billion on Thursday morning, just 13 days after lenders could start accepting applications.　 Many lenders reported being in the middle of submitting an application when the Small Business Administration (SBA) website shut down.

Congress has been working on a bill to appropriate additional funding for the PPP.　 Republicans and Democrats both appear to agree on funding an additional $250 billion, but differences remain on whether the bill should also provide more funding for hospitals and state and local governments.

Even though additional funding is uncertain, most lenders are still accepting applications and plan to submit them in the order received.　 We recommend still applying if you feel that you are a good candidate for a PPP loan.

Guidance was issued on how to determine the loan amount for farming sole proprietors the night before the funding limit was reached.　 Some questions remain, but most lenders are accepting applications from farmers.

Please contact us if you have any questions or need assistance applying for a PPP loan.

Van Bruggen & Vande Vegte, PC