Paycheck Protection Program Loan Application Period Extended To August 8, 2020

On July 4, 2020, the President signed the Paycheck Protection Program Extension Act (“Act”).  This Act extends the deadline for businesses and independent contractors to submit applications for the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) Loans from June 30, 2020, to August 8, 2020.  The government extended this deadline to give small business the opportunity to obtain loans for the approximately $130 billion in allocated funds remaining in the SBA’s PPP Loan program.  Businesses may now submit applications to obtain a PPP Loan through August 8, 2020.  The Act did not modify any other PPP Loan program terms or loan forgiveness conditions.