President Donald Trump signed a bill over the weekend re-opening the application window for the Paycheck Protection Program (PPP) until Aug. 8 after being unanimously passed by both the House and Senate.

The popular Small Business Administration (SBA) loan program, established by the Coronavirus Aid, Relief and Economic Security (CARES) Act, had expired on June 30th. The five-week extension will allow the nearly $130 billion still left in program funds to be borrowed to cover payroll, mortgage interest, rent and utilities for eligible businesses struggling with the continued impact of the COVID-19 pandemic.

The SBA resumed accepting applications today in response to the PPP Extension Act. To date, nearly 4.9 million loans totaling more than $520 billion have been distributed.

Doeren Mayhew is committed to keeping you informed about the PPP and other topics affecting your business during these unprecedented times. Be sure to stay up-to-date by visiting our Coronavirus Resource Center. If you require assistance gathering financial information for your PPP loan application, contact our advisors today.