WASHINGTON (BRAIN) — The Paycheck Protection Program was extended another month to small businesses needing financial assistance in the wake of the COVID-19 pandemic.
The Small Business Administration resumed accepting applications on Monday after the Paycheck Protection Program Extension Act was signed by President Donald Trump on Saturday.
Previously, the deadline to submit loan applications was July 1. With $138 billion remaining, Congress gave approval before Trump signed the bill, and small businesses now have until Aug. 8 to apply.
Since April 3, the SBA approved nearly five million forgivable loans for $521 billion during two rounds of federal funding totaling $659 billion. Through June 30, the average loan was for $106,744 and 5,461 lenders have participated.
On June 8, the PPP Flexibility Act extended the coverage period for forgiveness to 24 weeks — from eight — after disbursement. Borrowers already receiving PPP loans have the option to use the eight-week coverage period.
PeopleForBikes recommends retailers have all financial material prepared before contacting their lender. PFB says questions about the PPP and eligibility should be directed to their lender, local SBA office, lawyer or business insurance agent.
