July 07, 2020
The Paycheck Protection Program (PPP) on July 6, 2020, resumed accepting applications following the passage of the Paycheck Protection Program Extension Act. The new deadline to apply for a PPP loan is August 8, 2020.
PPP provides small businesses with less than 500 employees with forgivable, zero-fee loans of up to $10 million or 2.5 times their average monthly payroll costs. Part of these loans may be forgiven and not counted as income if spent on operating expenses, such as payroll, group health care benefits, lease payments, mortgage interest and utilities.
The program previously expired on June 30, but both houses of Congress unanimously approved this extension giving businesses more time to access the program. According to the Small Business Administration (SBA), approximately $130 billion in funding remains.
More details about the Paycheck Protection Program and other financial relief for physicians is available in CMA’s COVID-19 Financial Toolkit for Medical Practices.