On July 4, 2020, President Trump signed into law a bill extending the deadline for small businesses to apply for a Paycheck Protection Program (PPP) loan to August 8, 2020. The original deadline to apply for a PPP loan had previously expired on June 30, 2020. However, at the time of the June 30 deadline, about $130 billion in federal funding still remained in the PPP fund out of the $659 billion that had been allocated.
PPP loans were created as part of the $2.2 trillion stimulus relief package introduced in the CARES Act. It is important to note that borrowers are not permitted to apply for more than one PPP loan under the current program rules.
This publication is designed to provide general information on pertinent legal topics. The statements made are provided for educational purposes only. They do not constitute legal or financial advice nor do they necessarily reflect the views of Holland & Hart LLP or any of its attorneys other than the author. This publication is not intended to create an attorney-client relationship between you and Holland & Hart LLP. Substantive changes in the law subsequent to the date of this publication might affect the analysis or commentary. Similarly, the analysis may differ depending on the jurisdiction or circumstances. If you have specific questions as to the application of the law to your activities, you should seek the advice of your legal counsel.