Paycheck Protection Program Extended
The original deadline to apply for a Paycheck Protection Program (PPP) loan was June 30, 2020, but over the weekend, the President signed S. 4116 into law, extending the program for another five weeks. The program will now remain open until August 8, 2020. This program extension comes on the heels of The Paycheck Protection Program Flexibility Act which already provided good news to borrowers by making important changes to some of the original program terms.
Businesses in need that have not already applied for a PPP loan should promptly consider this option, as funds are limited and loans are made on a first-come, first-served basis. It is estimated that program still has approximately $130 billion to lend to small businesses suffering from the adverse financial impacts of COVID-19.
Please note this current global emergency and applicable laws, regulations, proposals, guidance, advice, and responses change rapidly. We strive to keep you up to date as much as possible, but this blog article is intended for general informational purposes only and should not be construed as legal advice or opinion. Contact myHRcounsel with questions concerning specific facts and circumstances. Our ASK Pro service includes legal advice on PPP loans. To learn more, click here…
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