Paycheck Protection Program (PPP) Gets a 5-week Application Extension
On July 4, 2020, a five-week extension of the Paycheck Protection Program (PPP) was officially passed, extending the application deadline to August 8 (previously set to close on June 30). The extension allows companies more time to apply for federal assistance for COVID-19 relief.
Approximately $130 billion in PPP funding remains in the program, after allocating $520 billion in loans to nearly 5 million businesses nationwide. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other selected costs.
If you are in need of relief and have not yet applied for the PPP loan, we encourage you to do so before the next application deadline of August 8.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.