After both houses of Congress unanimously approved the extension of the Paycheck Protection Program, on Saturday July 4, 2020, President Trump signed a new law extending the deadline for applying for a Paycheck Protection Program (PPP) loan from June 30 to August 8. Businesses will now have until Aug. 8 to apply for assistance, with $130 billion still remaining in the fund out of $660 billion allocated.
The PPP allows businesses to get direct government subsidies for payroll, rent and other costs. The subsidies come as federal loans, but those loans can be forgiven if businesses use at least 60% of the funds for payroll. The program has approved over $520 billion in loans to almost 5 million small businesses across the country.
For more detail on the PPP program, please check out our page at https://www.associatedhcm.com/products-services/paycheck-protection-program/.