PPP Update – Program Extension to August 8th! Money Still Available for Small Businesses
On July 4th, President Trump signed into law bill S. 4116 ( A bill to extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes.)
This bill extended the Paycheck Protection program deadline from June 30th to August 8th. The PPP had about $129 billion left in funding at the time of the deadline closure, so the program was extended to further support small businesses needing assistance. Here's the updated report as of today, July 6th: https://home.treasury.gov/system/files/136/SBA-Paycheck-Protection-Program-Loan-Report-Round2.pdf
PPP applications are still being taken by banks. If you aren't sure who is still taking applications, be sure to check out the bank finder tool: https://www.sba.gov/paycheckprotection/find
Only about 16% of US small businesses have taken advantage of the program thus far. With the smallest businesses likely being the last to hear about the program, this extension will be welcome to many who were late to the PPP game.
Additionally, the SBA announced that businesses receiving loans over $150k will be disclosed as having received a PPP loan. Full Press Release here: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-and-treasury-announce-enhanced-transparency-regarding-paycheck-protection-program
Find Small Business PPP Resources here: http://learn.claracfo.com
To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions
Find us at: https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.