PPP Loan Extension
A five-week extension of the Paycheck Protection Program (PPP) was approved on July 4. This new legislation extends the June 30 PPP loan application deadline to August 8, 2020.
This is intended to provide more time for small businesses to apply for approximately $130 billion in remaining PPP funding. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select expenses.