An Update on the Paycheck Protection Program

Sullivan & Worcester
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Congress recently extended the deadline by which businesses may apply for loans under the Paycheck Protection Program (PPP) from June 30 to August 8, 2020. The measure is expected to be signed by President Trump. For businesses that have not yet applied, this provides another opportunity to do so. No other changes to the program are made by this measure.

We have also heard that certain banks are not accepting forgiveness applications for PPP loans until mid-July in anticipation that the loan forgiveness application may be further revised – the second revision since the original application was published.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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