PPP Loan Application Process Extended
Filed under:Affordable Housing, Construction, Dental, Family Business, Healthcare, Nonprofit, Private Companies, Small Business Services, Tax Advisory: U.S. Federal
With funds still available, the original Paycheck Protection Program was set to expire on June 30, 2020. The Senate passed an extension for the program, followed by the House’s approval, on July 1, 2020. The President followed suit and made the extension official on July 6, 2020.
The resulting bill extends the application window for the Paycheck Protection Program until August 8, 2020. As of July 6th, there was still approximately $129 billion of funds available for PPP loans. Meanwhile, Congress is working on a second targeted funding program to further assist small businesses to stabilize during the pandemic.
If you have not yet applied for PPP funds, then you have more time. You should consult with your tax advisor to determine whether any of the SBA programs are applicable to you.