COVID-19 Small Business Loans Guide
Paycheck Protection Program (PPP) application deadline extended until August 8
On July 4, 2020, President Trump signed a bill to extend the application deadline for the Paycheck Protection Program (PPP). The bill includes no substantive policy changes to the PPP beyond the date extension to August 8. While the program technically closed to new applications on June 30, participating banks should be able to start processing applications again. Approximately $130 billion remains in unspent money under the PPP. Lawmakers are still negotiating what adjustments should be made to the program in the next phase of pandemic relief.
The PPP was created as part of the $2.2 trillion CARES Act, signed into law by President Trump at the end of March. The program provides forgivable loans to cover payroll and overhead expenses. The loans are available to small businesses, including physician offices, that were in operation on February 15, employing 500 or fewer employees and are facing economic hardship during the coronavirus pandemic.