PPP Loan Application Deadline Extended to August 8th! Approximately $130 Billion Still Left in Small Business Loan Program
On Saturday, President Trump signed into law a bill that extends the deadline to apply for Paycheck Protection Program (PPP) loans until August 8, 2020. Prior to the signing of the bill, the deadline was June 30th. Approximately $130 billion remains available in the program.
To find a lender, the Small Business Administration’s (SBA) Lender Match is an additional resource for pandemic-affected small businesses who have not applied for or received an approved PPP loan to connect with lenders.
On Monday, the SBA, in consultation with the U.S. Department of Treasury, released detailed loan-level data regarding the loans made under the Paycheck Protection Program. Nationally, more then 4.8 million loans totaling more than $521 billion were made. The average loan was $106,772.
An Associated Press analysis of Michigan data shows that approximately 121,000 loans were made to Michigan businesses, about 20,000 of them for $150,000 or more. As of the end of June, Michigan loans totaled almost $16 billion and affected more than 1.5 million jobs, most of them in the full-service restaurant, physician office, religious organization, dentist office, and lawyer office sectors.
Congress is expected to debate the next round of COVID-19 pandemic relief package when they return in late July from their Independence Day state work period.
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