Eligible businesses will have an additional five weeks to apply for Paycheck Protection Program (“PPP”) loans, after President Trump signed a bill on July 4, 2020, extending the application deadline to August 8, 2020. The deadline otherwise would have expired on June 30, 2020.

The deadline extension is just the latest of many changes to the PPP, which offers low interest, forgivable loans to small- and medium-sized businesses that maintain their payrolls during the COVID-19 pandemic. The program initially attracted overwhelming interest from businesses – so much so that the original $349 billion allocated to the program was exhausted in less than two weeks.  But shifting rules – and fears that businesses could face civil or even criminal penalties for misusing loan funds – caused some potential borrowers to avoid the program and even return their loans.

Please read our full Legal Alert detailing this latest development and additional insight of interest to borrowers.

Print:
EmailTweetLikeLinkedIn
Photo of Ivan H. Golden Ivan H. Golden

Ivan H. Golden, a partner in Hahn Loeser’s Chicago office, works with private companies on a wide range of complex corporate and tax matters. Ivan has experience in corporate, partnership, and individual income tax matters, and he helps clients plan and execute significant…

Ivan H. Golden, a partner in Hahn Loeser’s Chicago office, works with private companies on a wide range of complex corporate and tax matters. Ivan has experience in corporate, partnership, and individual income tax matters, and he helps clients plan and execute significant transactions, including mergers and acquisitions, investments, sales, exchanges, and reorganizations.  Ivan’s clients have included manufacturers and distributors, and he has significant experience helping businesses address federal, state, and international tax matters. Ivan also creates tailored tax and business succession plans for private businesses and their owners.