With roughly $129 billion in PPP loans still available, an extension has been passed to allow businesses an additional 5 weeks to apply for the funds. The Senate and House both unanimously approved the extension just before the original deadline of June 30th and President Trump officially signed it into law on the July 4th holiday. Businesses who experienced difficulty due to the COVID-19 pandemic will now have until August 8th to apply for a PPP Loan.
The forgivable loans were first introduced in April by the U.S. Small Business Administration (SBA) in partnership with the U.S. Treasury to provide aid to businesses affected by the Coronavirus. A message on the SBA website states they have “resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act”.
For more information on PPP loans and how to apply, click here.
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