Extension of Loan Period for Paycheck Protection Program
A new bill was signed into law on July 4, 2020, to extend the period to August 8, 2020, that a loan may be obtained under the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and as amended by the Paycheck Protection Program Flexibility Act (PPPFA). The PPP makes available to small businesses up to $659 billion in potentially forgivable loans for the payment of payroll costs and certain other expenses.
For Further Information:
We previously circulated a legal alert (available here) outlining the general terms and conditions of the PPP, a legal alert (available here) summarizing changes to the PPP effected by the PPPFA, and various legal alerts (available here, here, here, and here) highlighting PPP guidance from the SBA and Treasury as such guidance was published.
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