The President recently signed into law legislation to extend the application deadline for the Paycheck Protection Program (PPP) from June 30 to August 8. As of June 30, approximately $130 billion of the $659 billion program was still unused. Unless the money can be repurposed by Congress, it will have to be returned to the Treasury.
The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs. The extension keeps a source of funding open to struggling small businesses while Congress works on a second, more targeted funding program.
This application extension only applies to businesses or entities that had not previously applied for the PPP Loan as the vast majority of small businesses that wanted PPP funds have already used the program.
If you have questions about the PPP Loan Program, or would like assistance with the application, please contact us.