Saturday July 4 the legislation was signed that extends the deadline for small businesses to apply for the Paycheck Protection Program (PPP) to August 8, 2020.
Enacted in the weeks following the economic shutdown caused by the coronavirus pandemic, the PPP allows businesses to get direct government subsidies for payroll, rent and other costs. The subsidies come as federal loans, but those loans can be forgiven if businesses use at least 60 percent of the funds for payroll.
The program had officially ended at midnight on June 30 with around $129 billion in funds remaining, out of the $660 billion that had been allocated. More than 4.8 million small business owners have utilized the program, which was designed as a bridge for companies to maintain their payrolls through the worst of the pandemic.
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