On July 4, 2020, the period for an eligible business to apply for a Paycheck Protection Program (PPP) loan was successfully extended. The new legislation extends the deadline for obtaining approval of a PPP loan from the U.S. Small Business Administration (SBA) from June 30, 2020, to August 8, 2020.
On June 5th, 2020 a third Payroll Protection Program (PPP) was signed into law. The first PPP ran out of funding after two weeks and the second devoted more money to the program. This third iteration gives employers greater flexibility on how to spend the funds AND how to get those funds forgiven. Here are some key takeaways: Loan Forgiveness Expansion If you wanted the loan forgiven, the original law gave borrowers 8 weeks to spend […]
It is fair to assume that most small businesses took out a PPP loan with the plan to have the loan forgiven. Many looked at the ambiguous requirements to get the loan forgiveness and concluded that it was too good of a deal to pass up and it was anticipated that forgiveness details would be cleared up by the time small businesses were ready to make the request of lenders. Late on May 15th, 2020 […]