NNA Issue Brief ⁠— PPP applications now open through Aug. 8

Jul 7, 2020

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President Trump has signed the new law allowing Paycheck Protection Program applications to be submitted through Aug. 8.

Most businesses are allowed only one loan. But business owners who did not include their own compensations in their initial applications are encouraged to contact their original lenders.

Guidance from the Department of Treasury for various self-employed and owner-operated businesses was slow in coming but owners who missed the opportunity to include their Schedule C, K1 or other IRS documentation on owner compensation may be able to reapply.

Lenders have received instructions directly from Treasury on how to handle these applications.