- Paycheck Protection Program (PPP) application deadline moved to August 8th
- $129 million in funding still available to businesses who qualify
- Extension passed both Congressional chambers unanimously
The proverbial flood gates for applications have opened as businesses get in line to get their hands on the remaining funds left in the PPP. The resurgence of applications comes as President Trump signed into law an extension of the application deadline from June 30th to August 8th. At the time of the deadline extension, there was $129 million left in available funding for businesses harmed by the Coronavirus pandemic. Initially, many industry professions predicted that the replenishment funds placed into the PPP would run out in a matter of days.
While many businesses have already secured the PPP funding earlier in the pandemic, many businesses were shut out by lenders either due to the volume of applications or lack of sufficient liquidity to extend additional capital. All businesses that receive PPP funding in advance of the August 8th deadline will be required to adhere to the new terms and conditions, which were amended by Congress in early June.
Visit out DSJCPA COVID-19 Information Center to stay current as more relief programs are rolled out in the weeks to come. Be sure to read the bios for our Coronavirus Response Team (CRT) and call our offices with any questions!
Chief Business Officer, Disaster Relief Consultant
516-541-6549 | Email