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ARTICLE · 06 JULY 2020

PPP Application Process Updates

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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Here are two important news items for businesses participating in, or seeking to participate in, the Small Business Administration (SBA)'s Paycheck Protection Program (PPP)...

United StatesFinance and Banking

Here are two important news items for businesses participating in, or seeking to participate in, the Small Business Administration (SBA)'s Paycheck Protection Program (PPP) (which we covered most recently here and here).

UPDATED: Deadline for Applications -- Which Was, Previously, June 30th, 2020 -- Is Likely To Be Extended to August 8th, 2020

The first tranche of PPP loan funding, totaling about $349 billion, was exhausted within a few days of the commencement of the acceptance of loan applications in early April. Demand has not been as strong, however, for the $310 billion second tranche of PPP funding, due perhaps to the smaller average loan size in the second tranche and confusion among borrowers resulting from rule changes. The SBA has reported that as of June 20, about $128 billion in funding remained available for PPP loans.

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www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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