Deadline to apply for the Paycheck Protection Program extended
On July 4, 2020, President Trump signed an extension to the Paycheck Protection Program (the “PPP”), allowing applicants to apply for the program through August 8, 2020. June 30, 2020 had been the deadline for application, but the PPP program still had an unused balance of approximately $130 billion dollars (out of an earmarked $660 billion dollars) still available for small businesses to borrow.
The operation of the PPP (please see our prior update) remains unchanged by this most recent extension. Sherin and Lodgen’s Hospitality Group will continue to monitor the PPP and other new laws and regulations of interest to the hospitality industry and provide updates as frequently as possible.