Small Business Aid for Aerial Applicators
Potential Small Business Aid for Aerial Applicators Signed by President Trump with Extension of the Paycheck Protection ProgramPresident Trump on July 4 signed S. 4116, reauthorizing lending under the Paycheck Protection Program (PPP) through Aug. 8, 2020. The five-week extension provides an opportunity for businesses to apply for the funds remaining in the program. As of June 30, more than $130 billion was still unspent.
The PPP expands the reach of traditional SBA 7(a) loans by providing guaranteed private Paycheck Protection Loans (PPLs) that cover payroll costs for businesses with 500 or fewer employees (including full-time, part-time or other status and with a higher threshold applicable in some industries) in response to COVID 19. PPLs can also be used for mortgage interest, rent and utility payments, and interest payments on any other debt obligations.
Updated Frequently Asked Questions on the PPP can be found here.
Information about the program rules that have been released by SBA and Treasury can be found here.