A five-week extension of time has been passed by both the Senate and House this week to allow businesses additional time to apply for PPP loans. The new deadline of August 8th gives eligible businesses who have not yet applied for a PPP loan additional time to do so. The Paycheck Protection Program (PPP), as initially offered to small businesses back in March under the Coronavirus Aid, Relief and Economic Security Act, provides cash flow assistance to employers who maintain their payroll during the pandemic and helps to keep workers employed. The program was initially set to end on June 30th, but with $130 billion still available for lending, the extension bill was passed unanimously to provide more time for businesses to apply for PPP funding. The bill will now go to President Trump who is expected to sign it.
We encourage you to reach out to your contact at H&M or to your local bank for more information on the Paycheck Protection Program if you are interested in applying.