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Lane Keeter, CPA

Partner: Tax Consulting, Estate Planning, and Heber Springs Managing Partner

PPP Loan Application Period Extended

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Another update on the Paycheck Protection Program, what we call affectionally the 'PPP'. You may remember a few weeks back we told you that there were still about a 130 billion dollars in the fund and time was running out to make an application for one of these potentially forgivable loans. That deadline was June 30th. Well Congress, because that deadline has come and gone last week, nearly unanimously passed an extension of that application deadline. The President signed that into law this past Saturday and you now have until August the 8th to make an application for your portion of those remaining funds. To you who have not yet applied, if you're a small business with less than 500 employees, if you're an independent contractor, or you're self employed regardless of whether you have any employees or not, I would just say why haven't you applied yet? This is money that you may not have to pay back either in whole or in part and it's an important part of keeping your business running during this Coronavirus Pandemic and helping the economy. Find a lender, make that application. You have until August 8th to apply for one of the PPP, potentially forgivable loans.

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