On Saturday, July 4, President Trump signed into law an eight-week extension of the Paycheck Protection Program (PPP), after its approval in Congress. The program still has $131.9 billion to loan out and is accepting initial applications as of July 6, 2020, at 9:00 a.m. EDT. Employers who have already received the loan may not apply again. The new deadline to apply is August 8, 2020.
The PPP is designed to provide support for small businesses to keep their workers on the payroll.
Contact Adam Hill at ahill@cohencpa.com or Dave Sobochan at dsobochan@cohencpa.com to discuss this topic further.
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