On July 1, 2020, the United States Congress passed an extension of the deadline for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and Paycheck Protection Program Flexibility Act. The PPP, which expired and ceased accepting new applications on June 30, 2020, has now been extended to August 8, 2020.

The Small Business Administration (SBA) and Treasury Department estimate that approximately $130 billion remains available for PPP loans. Businesses that meet the eligibility criteria for the loan program should consider applying for funds before August 8, 2020.

About Duane Morris

Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage. 

For More Information

If you have any questions about this Alert, please contact Nanette C. Heide, Sandra G. Stoneman, Stephen Morrissey, Mark Zhuang, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.