COVID-19 UPDATE: PAYCHECK PROTECTION PROGRAM APPLICATION DEADLINE EXTENDED

07/06/2020

By Patrick Neale and Associates Email T. 239.642.1485

 

On July 4, 2020, an extension to the Paycheck Protection Program (PPP) was signed into law. Small businesses and others who qualify for the PPP now have until August 8, 2020 to apply for these forgivable loans. There is still $130 billion left in the program for loans. The SBA has not yet issued any new rules to this round of PPP, but it is almost certain they will. 

The program basics are the same. 

  • You must go to the bank and apply. 

  • At least 60% of the money needs to be spent on payroll to qualify for forgiveness. 

  • The rules that were part of the last round of PPP funding, effective in June 19, 2020, are those in place – as of now. A reference to those is contained on our website.  You may also download the latest PPP FAQs from the SBA website. 

Congress is expected to look at additional relief for individuals and businesses when it returns from its Fourth of July recess. We will issue new updates as they become available. 

As always feel free to contact us with any questions you may have and please stay safe.