PPP Application Deadline Extended to Aug. 8
With nearly $130 billion of funding remaining in the Paycheck Protection Program (PPP), last week Congress unanimously approved an extension of the application deadline. The extension was signed into law by President Trump over the weekend and gives borrowers until Aug. 8 to apply for the loan.
Introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP is a lifeline for small businesses, providing capital during the economic crisis brought on by COVID-19. The program offers federally guaranteed loans, which can be partially or fully forgivable, provided certain criteria are satisfied.
The U.S. Small Business Administration (SBA) stopped accepting loan applications at midnight on June 30 but officially re-opened the program at 9:00 a.m. Monday, July 6.
If you are interested in applying for a PPP loan, KSM is here to answer your questions, assist with the calculation of eligible expenses for loan forgiveness, and help prepare the necessary documentation to support your loan forgiveness application. Please reach out to your KSM advisor for help or complete this form.
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