Paycheck Protection Program Has Reopened — Application deadline is Aug. 8

The Paycheck Protection Program resumed accepting applications July 6, in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a Paycheck Protection Program loan is Aug. 8, 2020.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

The U.S. Small Business Administration (SBA) will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Read more about PPP loan forgiveness here.

Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Businesses should consult with their local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.

To begin preparing an application, download a copy of the PPP borrower application form (revised June 24, 2020) to see the information that will be requested when applying with a lender.

For additional information, visit sba.gov.

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