PPP loans deadline extended to August 8

VW independent/submitted information

The deadline to request Paycheck Protection Program (PPP) loans has been extended to August 8. Additionally, the U.S. Small Business Administration (SBA) announced the reopening of the application portal for the Economic Injury Disaster Loan (EIDL) program. 

On July 1, Congress passed the PPP Extension Act, which was signed into law by the president on July 4, extending the deadline to request Paycheck Protection loans to August 8. At the end of June, $130 billion of the original $670 billion set aside for the program remained unclaimed. In order to ensure businesses could access the remaining funds, the application period for this program, which was originally set to expire on June 30, was extended. 

“This is great news for businesses in Ohio’s Fifth Congressional District,” said U.S. Representative Bob Latta.

As of July 6, the SBA has confirmed 4,880,943 loans have been approved for a total of about $521 billion from 5,460 lenders. In OH5, 5,970 businesses have received PPP funding to date, and this funding has supported 122,561 jobs in Latta’s district. 

The SBA has also worked to ensure smaller community lenders and their customers are not left out by making special accommodations, including setting aside billions of dollars to be serviced exclusively by community financial institutions and reserving processing time for smaller lenders. 

Latta said he encourages any business owners who have been negatively impacted by Covid-19 who haven’t looked into PPP to contact their lender as soon as possible.