President Trump extends deadline for PPP loan approvals

Sat, 07/04/2020 - 4:30pm

    WASHINGTON, D.C. — Legislation to extend the deadline for businesses to apply for Paycheck Protection Program (PPP) loans was signed into law Saturday by President Donald Trump, according to a news release.

    The legislation extends the U.S. Small Business Administration’s authority to approve PPP loans through Aug. 8.

    Previously, small businesses had until June 30 to apply for a PPP loan.

    Approximately $130 billion in PPP funding remains available to assist small businesses and their employees, according to the release. 

    Since its launch in early April, the Program has provided $520 billion in forgivable loans to more than 4.8 million small employers across the nation, per the release.

    According to an ongoing U.S. Census survey, approximately three out of every four small business respondents report that they have received assistance under the program.

    In Maine, nearly 27,000 small employers have received loans totaling more than $2.2 billion, with translates to an average business size of approximately seven employees, the release noted.

    The Program is helping to sustain nearly 200,000 jobs in Maine alone, the release touted.