Thursday, December 1, 2022

More Time to Apply for Paycheck Protection Program Loans

New Deadline: August 8, 2020

Legislation signed by the President last weekend extends the deadline to apply for Paycheck Protection Program (PPP) loans to August 8, 2020.

An estimated $130 billion in funding remains for the program, which offers loans to help small businesses with fewer than 500 employees stay in business and keep workers employed.

Employers in need of assistance and who have not yet obtained a loan are encouraged to speak with a lender as soon as possible.

The PPP Extension Act signed on July 4 extends only the loan application deadline and does not expand the program.

Legislation signed on June 5 amended the original PPP and aimed to clarify matters such as how and when the funds should be spent and how to handle re-staffing problems.

The key aspect of the PPP is that the loans provided can be fully forgiven without repayment if the employer meets certain conditions, including spending the funds only on certain costs.

A summary of the June 5 revisions appeared in the June 12 Alert.

Information about the PPP loan, including links to an EZ application requiring fewer calculations and less documentation for eligible borrowers, and the full forgiveness application—both released on June 16—is available on the U.S. Small Business Administration web page about the program, located here.

CalChamber
CalChamber
The California Chamber of Commerce is the largest, broad-based business advocate to government in California, working at the state and federal levels to influence government actions affecting all California business. As a not-for-profit, we leverage our front-line knowledge of laws and regulations to provide affordable and easy-to-use compliance products and services.

Related Articles

Cal/OSHA Considers Removing Exclusion Pay Mandate from New COVID Rule

As the California Division of Occupational Safety and Health (Cal/OSHA) prepares to vote on the next iteration of California’s COVID-19 emergency regulation, one important change being considered is whether to extend California employers’ obligation...

COVID-19 Regulation: Cal/OSHA Makes Big Changes Ahead of December Vote

California employers may want to get out their measuring tape — because the size (in cubic feet) of a workspace just became an important element of COVID-19 compliance. Last Thursday and Friday (October 13–14), the...

5 New California Labor Laws Employers Should Start Preparing For

In Episode 161 of The Workplace podcast, CalChamber employment law expert Matthew Roberts and CalChamber policy advocate Ashley Hoffman discuss five new labor laws employers should know and prepare for: SB 1162; AB 152;...