Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow employers to continue to pay their employees and assist with certain other expenses resulting from the COVID-19 pandemic.
Per the CARES Act, the PPP initially expired on June 30, 2020 and lenders stopped accepting new loan applications. Of the $659 billion earmarked for the PPP, there remained approximately $130 billion that had not yet been allocated. Both houses of Congress unanimously approved to extend the PPP through August 8, 2020 and on July 4, 2020, the President signed into law the bill extending the PPP for five weeks.
If you have any questions, please contact Tarter Krinsky & Drogin’s COVID-19 response team at CV19team@tarterkrinsky.com
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