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Daily Update COVID-19 From the Business Accountants at Wouch Maloney

Updates to Paycheck Protection Program and Economic Injury Disaster Loans

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Last night, the Senate amended the Coronavirus Aid, Relief, and Economic Security Act with unanimous consent. The amended version extends the paycheck protection program through August 8, 2020. Today, the SBA website has a notice stating “On June 30 at 11:59 PM EDT, the deadline to apply for a Paycheck Protection Program loan passed”. The last minute vote by the Senate will provide business owners additional time to find lenders in their state and apply when the SBA portal reopens.

To see the SBA’s list of lenders participating in the PPP by state, click here.

For information on the Paycheck Protection Program, click here.

Economic Injury Disaster Loan and Advance Program

Earlier today, the SBA tweeted a reminder that the Economic Injury Disaster Loan and EIDL Advance program portal is now open to ALL eligible applicants experiencing economic impacts due to #COVID19. To review eligibility requirements and submit a new application for COVID-19 Economic Injury Disaster Loans and Advance, click here.

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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