The U.S. Congress just passed a bipartisan bill to extend the Paycheck Protection Program (PPP) until August 8.
The five-week extension gives small businesses and nonprofits additional time to tap into the remaining $130 billion in PPP funds.
The program has been modified a number of times since it was introduced in late March to make it more business-friendly. Since the launch, Congress has relaxed eligibility rules and requirements for loan forgiveness, reduced the amount of the loan that must be used on payroll expenses to 60% and given borrowers 24 weeks (instead of only 8) to use the funds.
Connecticut companies have continued to outpace most other states in PPP funding. As of last week, approximately 58,000 PPP loans – worth over $6.6 billion – had been approved for organizations in the state.
I encourage business owners that have been hesitant to apply to take another look at the program. The SBA website has more information, as well as a tool to help you connect with lenders still issuing PPP loans.
David Lehman, Commissioner
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