Paycheck Protection Program Goes into Overtime

Q: When is the new deadline for PPP loan applications?

On Saturday July 4, 2020, the President signed the “PPP Extension Act” into law. On Monday, July 6, the SBA’s Paycheck Protection Program resumed accepting loan applications.

As the program’s initial deadline of June 30 approached, many small business owners wondered if there would be another chance to access the remaining funding put in place for the Paycheck Protection Program by the CARES Act. The approval and enactment of the “PPP Extension Act” has provided small business owners with this opportunity.

The new deadline for PPP loan applications is August 8, 2020.

You can view The White House’s and the SBA’s announcements by following the hyperlinks provided below.

Bill Announcement – The White House

Paycheck Protection Program – SBA (see – Notice: Paycheck Protection Program has reopened)

Business owners who are still in search of a SBA approved lender can utilize the SBA’s Lender Match Tool, which guarantees contact from a qualified lender within two business days of submitting information on the platform.

Business owners who are interested in applying for, have applied for, or have obtained a PPP loan should familiarize themselves with the latest guidance released by the SBA and the U.S. Department of the Treasury based on the enactment of the “PPP Flex Act” on June 5, 2020.

In a previous blog post we discussed the important changes implemented by the “PPP Flex Act” and provided resources to assist business owners in familiarizing themselves with the SBA’s most recent guidance.

To visit our previous blog post regarding the “PPP Flex Act,” please follow the hyperlink below.

Consultant’s Corner: Changes in the PPP Flex Act

Taylor Hughes

About Taylor Hughes

Taylor Hughes is a Small Business Consultant with GoSmallBiz.com and holds a Bachelor’s degree in Business Administration and Management from the University of Alabama. He has been part of the GoSmallBiz.com team since 2017. Taylor helped launch an outdoor recreation company near Yellowstone National Park, and has worked in logistics with John Deere.