After a surprise move by the Senate last week to extend the application deadline for the Paycheck Protection Program (PPP) by five weeks, the House approved the measure and President Trump has signed the bill.
The bill extends the PPP loan application period until Aug. 8. Extending the deadline for the Paycheck Protection Program keeps a funding source open to struggling small businesses while Congress develops a second, more targeted funding program.
The PPP loan program, overseen by Treasury and the Small Business Administration, funds forgivable loans of up to $10 million per borrower. Qualifying businesses can use the loan to cover payroll, mortgage interest, rent, and utilities.
PPP loans are available to small businesses that were in operation on Feb. 15 with 500 or fewer employees, including not-for-profits, veterans’ organizations, Tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees in certain industries also can apply for loans.
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