An Update on the Paycheck Protection Program

Client Alert
July 2, 2020

Congress recently extended the deadline by which businesses may apply for loans under the Paycheck Protection Program (PPP) from June 30 to August 8, 2020.  The measure is expected to be signed by President Trump.  For businesses that have not yet applied, this provides another opportunity to do so.  No other changes to the program are made by this measure.

We have also heard that certain banks are not accepting forgiveness applications for PPP loans until mid-July in anticipation that the loan forgiveness application may be further revised – the second revision since the original application was published. 

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Sullivan has developed a rapid response team of attorneys to help our clients and our communities cope with the impact of the COVID-19 pandemic and understand the implications of the CARES Act and other actions taken by state governments and the federal government. Please refer to Sullivan’s resource center at www.sullivanlaw.com/COVID19 for more information and for access to Sullivan’s library of related advisories.

Please know that Sullivan is focusing substantial efforts to provide assistance to businesses and individuals affected by COVID-19 and benefited by the CARES Act. If you have questions about how to move forward and navigate the novel legal issues raised by COVID-19 and/or the CARES Act, please contact your primary Sullivan attorney or send a message to CARES@sullivanlaw.com.

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