If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, Congress extended the application period for a PPP loan through August 8, 2020. Although time is short, you still have time to apply.
If you are unfamiliar with this program, Congress created the PPP as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and authorized the use of the SBA’s small business lending program to provide forgivable loans of up to $10 million per qualifying business. The loans are to support small businesses in dealing with the economic hardships created by the coronavirus pandemic and primarily to assist them with continuing to pay employee salaries.
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