President Trump signs legislation extending the deadline for businesses to apply for a forgivable loan until August 8. Approximately $130 Billion remains in program.
Small-business owners now have until August 8 to apply for forgivable loans under the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The Small Business Administration is expected to restart accepting loan applications today after the program’s original deadline stopped the program on June 30.
President Trump signed the law extending the program on July 4.
Over 93% of collision repair facility respondents to a survey by CollisionWeek indicated they had applied for government-backed loan and grant programs. The program only allows businesses to receive one loan under the program.
In June, the program was revised to make it easier for businesses to receive forgiveness for the loan and revised applications were issued.