July 8, 2020

2020 – 07/06

On July 4, President Trump signed a bill that gives businesses more time to seek federally backed loans. It extends the Paycheck Protection Program (PPP) loan application date to Aug. 8, 2020. The PPP was established by the CARES Act in response to the COVID-19 pandemic, authorizing the Small Business Administration to make loans to qualified businesses under certain circumstances. The loans will be forgiven if employee retention criteria are met and the funds are used for eligible expenses. Businesses seeking assistance must complete the PPP loan application on the U.S. Treasury Dept. website and submit it with required documentation to an approved lender by Aug. 8.