Important Updates on CARES Act Programs The deadline to apply for a Paycheck Protection Program (PPP) forgivable loan through a bank or online financial institution was officially extended from June 30 to August 8, 2020. Last week, Congress unanimously voted to extend the deadline and President Trump finally signed it into law over the weekend. Please note that this is only a deadline extension and not the opportunity to apply for a second PPP. There is still more than $125 billion available for first-time PPP borrowers who are self-employed, gig artists, contractors, or a corporation or nonprofit with W2 employees. Just remember that you cannot collect pandemic unemployment if you’re also paying yourself with a PPP forgivable loan during the same covered period.
The extra $600 of weekly federal Pandemic Unemployment Assistance (PUA) is still currently set to expire on July 31, 2020. For those of you who are