Businesses interested in filing for Paycheck Protection Program (PPP) loans now have an additional five weeks to file for the loans.
The loan application deadline, originally set for June 30th, was extended to August 8th after quick action by congress and the White House. The Senate unanimously approved the proposed extension by a “quick vote” just four hours before the original deadline. The House then unanimously approved the extension on July 1st, sending the measure to the White House, where President Trump signed it into law on July 4th.
While the Small Business Administration (SBA) stopped processing applications submitted after midnight on June 30th, the SBA has resumed processing applications.
The federally guaranteed PPP loans are available to business with 500 or fewer employees, and in amounts of up to $10 million with an interest rate of 1% and a term of five years.
Businesses meeting certain qualifications may have all or part of their PPP loans forgiven.
If you have any questions regarding the PPP, changes in PPP loan forgiveness or your business’s eligibility for loan forgiveness please email or call your Lopata, Flegel & Company contact, or call the firm at 314-514-8881.