On July 6th, 2020, the Paycheck Protection Program resumed accepting applications at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act, which was signed into law by President Trump on Saturday.
The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
The five-week extension had been approved last week by both chambers of Congress. The U.S. House of Representatives and the Senate both passed the legislation by unanimous consent.
The House’s approval on July 1 came after the Senate passed the extension in a surprise move the night of June 30, just a few hours before the PPP application window was scheduled to close.
How To Apply
You can apply for a PPP loan through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Additional PPP Resources
- SBA Simplifies the Loan Forgiveness Application, Introduces EZ Option
- PPP loan forgiveness calculator (Excel)
- ALL CPAs Covid-19 Resource Center
The Paycheck Protection Program (PPP) was designed to provide access to funding so businesses can keep paying their employees and other expenses such as health insurance premiums, rent or mortgage payments, and utilities. If you need help or have questions, reach out to ALL’s PPP team leaders Vasant Nagda, CPA or Andrew Dieffenbach, CPA, CVA or contact us here.
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