PPP Loan Application Extension
– Last week, legislation was passed and signed into law extending the deadline to apply for Paycheck Protection Program loans to August 8, 2020. Unfortunately, this change only extended the deadline to apply for a loan, and it did not include an expansion of the program to include all 501(c) non-profits. That change will likely have to be made in the more expansive Phase Four legislation we expect by the end of the month. Nevertheless, roughly $125 billion in funding remains in the PPP. Therefore, please encourage any of you members who need assistance and have not yet obtained a loan to speak with a bank ASAP
