July 2, 2020: News—Trump Signs PPP Funding Extension

Gusto Editors

July 2, 2020

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You have five more weeks to apply for the PPP

The President has signed an extension to the Paycheck Protection Program into law, allowing businesses to apply for the loan for another five weeks — until August 8. Over $130 billion remain unclaimed in the PPP fund. 

With increased flexibility around forgiveness and a longer period in which the funds are usable, small business owners who haven’t yet applied should seriously consider getting that application in.  

If you’re concerned that you may not be able to get the loan, here are some things to know:

  • Self-employed business owners, independent contractors, and sole proprietors are all eligible for the program
  • Certain provisions have made it easier for BIPOC businesses to receive funds, such as $60 billion earmarked for community banks and those that serve minority-business owners
  • Many banks are now accepting loans from non-bank members.
  • If you applied but haven’t heard back, you can apply with a different lender.
  • If you received a PPP loan and sent the proceeds back, you can apply again.

You’ve got until August 8 — go!

Want more small business news and resources? Check out past editions in our archive.

Gusto Editors Gusto Editors, contributing authors on Gusto, provide actionable tips and expert advice on HR and payroll for successful business management.
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