On July 4, President Donald Trump signed the extension to the Paycheck Protection Program, which gives small businesses affected by the pandemic more time to apply for federal credit funds. The amendment extends the deadline for loan applications under the program to August 8, 2020.
The original deadline for applying for loans was June 30. However, more than $ 130 billion in funds allocated to the program were still unused at that date, which prompted the US Congress to unanimously approve the law that extended that period.
The program, created in March, aims to help small businesses keep employees and their payrolls up to date amid the pandemic that has closed companies around the world.
In June, some of the program’s rules had been relaxed in order to facilitate total debt forgiveness. Learn more about PPP debt forgiveness and how to apply here.