Those still wanting to apply for loans under the Paycheck Protection Program now have until August 8 to do so. The PPP, which was set to expire on June 30, has been extended by way of a bill passed by both the U.S. Senate and House of Representatives and signed into law by the President on July 4.
The bill not only amends the CARES Act by extending the period for commitments for PPP loans, but it also separates amounts authorized for other 7(a) loans under the Small Business Act from those authorized for PPP loans.
Remember, should you have any questions regarding PPP loans (applying or forgiveness), or if you have already received a PPP loan and would like to participate in Michelman &Robinson’s “PPP Loan Analysis Program,” do not hesitate to contact us at your convenience.
This blog post is not offered, and should not be relied on, as legal advice. You should consult an attorney for advice in specific situations.