In good news for businesses, President Trump on Saturday signed legislation extending the deadline to apply for Paycheck Protection Program (PPP) loans to August 8, 2020. Approximately $130 billion remains available for PPP loans.
The initial deadline, enacted under the CARES Act, expired on June 30, 2020.
In addition to this extension, various proposals have been made in Congress for further financial relief for individuals and businesses adversely affected by COVID-19. These include potential additional stimulus payments and/or payroll tax “holidays” for individuals, and tax rebates for businesses in the restaurant and hospitality industries. No action will occur on any proposal until Congress returns from its July 4th recess.
FOS will continue to monitor these and other actions in response to the COVID-19 pandemic. If you have any questions regarding PPP, COVID-19 or any legal matter, contact FOS.