By Alan Wolf, YSN
In a rare instance of swift bipartisan cooperation, the federal government has extended the deadline to apply for loans under the Paycheck Protection Program (PPP) until Aug. 8.
A second round of the pandemic relief initiative, administered by the Small Business Administration (SBA), expired last Tuesday. But in quick succession, first the Senate and then the House voted last week by unanimous consent to extend the program, and President Trump signed the legislation over the July 4 holiday weekend.
See also: Feds Make Welcomed Changes to PPP Rules
According to The Hill, more than $520 billion in emergency loans have been lent to over 4.8 million small businesses since PPP launched in March as part of the $2 trillion CARES Act stimulus package. About $130 billion in unused funds remain in the kitty, and any BrandSource members who have not yet applied for the low- and/or no-interest loans are urged to do so.
Details and applications can be found on the COVID Info Hub’s Loans and Aid section under “Documents,” and additional information is available on the SBA website.
BrandSource is a unit of YSN parent AVB Inc.