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New 5-week Extension of PPP Loans

By Martin Fox, CPA/ABV, CVA

July 6, 2020

While all good things must come to an end, the Paycheck Protection Program (PPP) was just given a new life. On July 4th, President Trump signed a bill extending the filing deadline for PPP loans by five weeks. Set to expire on June 30, the new filing deadline is August 8.

There is still well over $100 billion in funds available as small business loans to cover the costs of payroll, rent, utilities, and interest. To the extent the funds are used for qualifying payroll costs, rent, utilities, and interest over a period of up to 24 weeks, the loans will be forgiven.

Whether you are an employer or are self-employed with no employees, you are probably eligible for these loans. We encourage you to check with your banker to see if you are eligible. 

You can count on us for future updates and to address your questions on the PPP; contact your accountant or email contactus@gccpas.net.