On July 4, President Trump signed legislation into law that would extend the application deadline another five weeks for the PPP (Paycheck Protection Program) loans. These forgivable loans have not only been a lifeline to our member companies, but to companies across all industries.
Both chambers of Congress used expedited methods of legislating to pass this simple bill. Just a few hours before the window for applications was set to close, both the Senate and House of Representatives passed the legislation by Unanimous Consent. The deadline for applying for the load program will be moved from July 30 to August 8.
$130 billion in eligible funds remains available for applicants. It cannot be stressed enough, and is of the upmost importance—if you have not applied for this forgivable loan program, please inquire about it immediately with your local bank.
Other changes to the program include the amount of loan that must be dedicated to payroll; that has been reduced to 60% giving businesses more flexibility to utilize their funds, how they see fit.
If you would like more information on the PPP loans, please contact advocacy@tianet.org.