Paycheck Protection Program Loan Deadline Extended Until August 8, 2020

The Paycheck Protection Program (PPP) loan application window has been reopened, and the SBA has resumed accepting new PPP loan applications as of July 6. Last week both the Senate and the House of Representatives approved a bill that extends the time frame for applying for PPP loans from the original June 30 deadline. Over the weekend, the President signed the bill, officially moving the deadline to apply for Paycheck Protection Program loans to August 8, 2020.

Businesses That Have Not Applied Still Have Time

This is good news for small businesses that were not previously able to apply for the forgivable loans but may benefit from the cash injection now as the economy begins to reopen and the companies begin to navigate the new requirements. Companies that have already received PPP loans are not eligible for a second PPP loan.

As of June 30, 2020, approximately $132 billion remained available to fund new PPP loans.

Click here to go to the SBA website.

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