Paycheck Protection Program Extended to August 8

The popular Paycheck Protection Program (PPP) has been extended until August 8. The program has $130 billion to lend. PPP loans funds to small businesses based on 10 weeks worth of payroll expenses. Companies that use the loan proceeds to keep employees on the payroll for eight weeks following disbursement are eligible to have most or even all of the loan forgiven. In the first two rounds of PPP many small retail and restaurant businesses did not apply since they were completely shut down and did not have employees to pay. Those businesses should consider investigating the program and connecting with their lender. Program information and application materials are available here.