PPP Loan Program Extended until August 8
(July 6, 2020)
Cleveland, TN: In another bipartisan effort, both houses of Congress, working with the White House, extended the Paycheck Protection Program (PPP) through August 8, 2020.
The CARES Act initially called for the loan program to end as of June 30. However, with over $125 billion remaining in the program as it came to an end, Congress worked quickly to extend the loan program for an additional six weeks.
Under the PPP program, if the loan proceeds are used for “covered expenses,“ the loan is eligible for forgiveness through the Small Business Administration (SBA).
Churches which did not apply during the earlier rounds of the PPP loan program should consider applying during this extended period. If a church has already received a PPP loan, the rules currently prohibit you from applying for another PPP loan.