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Paycheck Protection Program Gets One-Month Reprieve

The PPP loan program, which was slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress.

According to the Journal of Accountancy, by the end of June, the Small Business Administration had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion remains unused, however, so the extension gives any eligible businesses that have not yet applied an opportunity to get any money they’re eligible for.

Although Congress has discussed other changes to the program, as of the end of June, the terms remain as they were. The only change is the extension of the application date. It seems likely Congress will come up with a new stimulus program in the coming days, but no one is sure what that might look like.

Posted July 2020 – Copyright 2020

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