PPP Loan Extension
The application window for the Paycheck Protection Program (PPP) has been extended until Aug. 8th. 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. Full Article Here: https://www.journalofaccountancy.com/news/2020/jul/senate-approves-5-week-ppp-extension.html
The PPP, which has approximately $129 billion in funding remaining, was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The U.S. Small Business Administration (SBA) provides forgivable loans that small businesses can use to cover payroll and other select costs; https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
If you need help filing for the PPP, AABS is here for you! Contact us today!