Congress extended the Paycheck Protection Program (PPP) loan application deadline from June 30, 2020 until August 8, 2020. PPP loans are potentially forgivable loans designed to provide businesses with funds primarily to cover payroll costs during the 24 weeks following the loan (originally 8 weeks, but the program has been revised numerous times since its inception in March). Based on data from the SBA, as of June 30 there was over $130 billion left of unused funds for the PPP loans. This deadline extension is for new borrowers. It does not allow existing PPP borrowers to apply for new or increased loans under this program.
Congress is continuing to consider phase 4 of the COVID-19 stimulus legislation to make further changes to the PPP process that would provide additional relief to businesses.
Reach out to our team at MWB for any questions you may have on anything above or ANY impact you are seeing to your business during this time.