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July 6th, 2020The Paycheck Protection Program ExtendedSmall Businesses who haven’t applied for forgivable loans to ease the pain of the COVID-19 pandemic now have a second chance. President Trump signed legislation on Saturday extending the deadline to apply for the Paycheck Protection Program (PPP) through August 8. Many owners are inquiring what happens if they received a PPP loan, however they returned the money due to their business being closed during that time period. Currently, Treasury is reporting that they are unable to apply again, as they are considering the loan being paid off. According to the U.S. Government Accountability Office, more than 170,000 loans were cancelled, as businesses felt they were unable to meet the original requirements. According to its sponsors, the program needed to be repurposed to better serve the challenges businesses are currently facing. The PPP program has assisted around 5 million businesses across the country and they hope to continue to assist those impacted by the global pandemic. |