Congress extends PPP loan program

July 2, 2020

On July 1, the House unanimously approved legislation to extend the Paycheck Protection Program for an additional five weeks through Aug. 8 following Senate approval of the bill June 30. This legislation now will make its way to President Trump, and it appears he will sign it into law.

The Paycheck Protection Program, as authorized by the CARES Act to provide employers affected by the economic uncertainty of COVID-19 with forgivable loans to help with employee retention, was previously scheduled to sunset June 30. The PPP still has roughly $130 billion left in authorized funding.

For more information and to obtain an application, visit the COVID-19 resources section of NRCA’s website; the Assistance For Small Businesses section of the Treasury Department’s website; or contact your lender.

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