Congress Moves to Reopen PPP Application Process

COVID-19 News ,

The Paycheck Protection Program (PPP) application process is on the verge of being reopened thanks to swift action by Congress over the course of the past three days. The deadline to apply for PPP funding was Jun. 30, but House and Senate lawmakers were able to clinch a unanimous consent agreement that will reopen the application process for the roughly $134 billion remaining in the small business rescue program. The measure is now on the President's desk awaiting signature. When signed, the new application deadline will now be August 8. Under the current rules, a small business owner can use 60% of their PPP funds on payroll— and they have up to 24 weeks to do so until Dec. 31. This covered period extension also increases the maximum loan forgiveness from $15,385 to $46,153. For application instructions and related information got to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program