PPP Loan Update: July 4, 2020
Today President Trump signed an extension of the application period for PPP loans from June 30, 2020 to August 8, 2020. $130 billion dollars remains appropriated for small businesses to use to maintain relationships with their employees, and pay rent and utilities.
If a borrower has not previously applied for a PPP loan, this is an opportunity for the business to re-evaluate eligibility, and the ability to return employees to the work force.
There were many discussions surrounding a second PPP loan application, limiting which borrowers could apply, targeting certain businesses, and other topics. To date the extension of the application deadline was approved and additional changes are being considered in the discussions for a fourth recovery package.
Please use this link to evaluate size limits for the business NAICS code.
Please use these links to review the details of the PPP loan program:
PPP Loan Forgiveness: Passing of Payroll Protection Flexibility Act June 4
Call us if you have questions, or would like to discuss a situation.