PPP forgivable loan program application deadline extended
Over the July 4 weekend, the President signed into law a bill opposed by just a single representative among both chambers of Congress. The near-unanimity was in favor of extending the application period for the potentially forgivable aid loans provided for by the Paycheck Protection Program, administered by the Small Business Administration in collaboration with participating banks, and put in place with the intent of assisting business keep payroll in place through the quick downturn spawned by the response to COVID-19’s spread.
The application period previously ended June 30, but with appropriated billions left unspent, Congress elected to reopen it through Aug. 8 with the legislation, titled the “Paycheck Protection Program Extension Act.”
The Small Business Administration followed through by reopening the program to borrowers in need of funding Monday, posting this notice on its website: “The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT.”
Original article provided by:https://www.ccjdigital.com/ccj-daily-dispatch-july-7-paycheck-protection-program-resumes-application-process/
