PAYROLL PROTECTION PROGRAM EXTENDED
On Saturday, July 4, the President signed an extension of the Paycheck Protection Program until August 8. The Paycheck Protection Program - part of the CARES Act - 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 will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
With $130 billion left to loan, businesses looking for financial relief should contact their financial institution to apply for PPP loans which have generous terms and, in many cases, can be forgiven.