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Focus Area: Coronavirus/COVID-19

Deadline to Apply for Paycheck Protection Program (PPP) Loan Extended to August 8, 2020

Businesses that were considering applying for a Paycheck Protection Program (PPP) Loan but missed the June 30, 2020, deadline now have a few additional weeks to apply. President Trump signed S 4116 into law on July 4, 2020. 

The new law extends through August 8, 2020, the application period for the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019). However, the extension only applies to those who have not already applied for a PPP loan; it does not authorize a second PPP loan.

While additional legislation (including authorizing a second PPP loan) to respond to COVID-19 has been discussed, nothing further is expected to happen before Congress returns from recess after the middle of July.

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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