The Deadline to Apply for a PPP Loan is Extended to August 8, 2020.
The application deadline for the Paycheck Protection Program (PPP), which provides forgivable loans to small businesses impacted by the COVID-19 pandemic, has been extended to Aug. 8, 2020. The program’s application period was originally set to expire June 30, 2020. There remains approximately $130 billion available.
The loans are not just for corporations. Sole proprietors and the self-employed can apply for the loans. For these individuals, the loan will be based on 2.5 times their average monthly income for last year up to $20,833. The loans to an individual will generally be 100% forgiven.
WFCA is working with legal counsel and Lobbyit to provide updates to members on the specificities of the above PPP changes, including updates regarding rules, allowances, and forgiveness.
Notice: The information contained in this update is abridged from legislation, court decisions, and administrative rulings, and should not be construed as legal advice or opinion, and is not a substitute for the advice of counsel.