{"id":4492,"date":"2020-05-05T15:23:42","date_gmt":"2020-05-05T19:23:42","guid":{"rendered":"https:\/\/www.lindabury.com\/firm\/?p=4492"},"modified":"2024-03-20T10:39:11","modified_gmt":"2024-03-20T14:39:11","slug":"second-chance-at-paycheck-protection-program-loan-an-overview-of-program-application-and-loan-forgiveness-requirements","status":"publish","type":"post","link":"https:\/\/www.lindabury.com\/firm\/insights\/second-chance-at-paycheck-protection-program-loan-an-overview-of-program-application-and-loan-forgiveness-requirements.html","title":{"rendered":"Second Chance at Paycheck Protection Program Loan: An Overview of Program Application and Loan Forgiveness Requirements"},"content":{"rendered":"<p>The Coronavirus Aid, Relief, and Economic Security Act (\u201cCARES Act\u201d), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the \u201cPPP\u201d) with the intended goal of preventing job loss and small businesses failure due to losses caused by the COVID-19 pandemic. The PPP was designed to support small business and employees by providing forgivable loans to employers if they maintained their employees and payroll. It was initially funded with $349 billion on a first come, first serve basis. Initial applications from small businesses and sole proprietorships opened on April 3, 2020 and all of this initial funding was exhausted within 13 days, or by April 15, 2020.<\/p>\n<p>On Tuesday, April 21, 2020, the Senate passed an \u201cinterim\u201d coronavirus relief Bill, titled the \u201cPaycheck Protection Program and Health Care Enhancement Act\u201d (the Senate Bill). The Senate Bill amends the CARES Act to (i) increase the amounts authorized for the PPP in accordance with Section 7(a) of the Small Business Act, increase the Economic Injury Disaster Loans (EIDL loans), and increase emergency grants under the CARES Act, and (ii) authorize additional funding for hospital and provider recovery and<\/p>\n<p>coronavirus testing.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.lindabury.com\/firm\/insights\/second-chance-at-paycheck-protection-program-loan-an-overview-of-program-application-and-loan-forgiveness-requirements.html\"  title=\"Continue Reading Second Chance at Paycheck Protection Program Loan: An Overview of Program Application and Loan Forgiveness Requirements\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Coronavirus Aid, Relief, and Economic Security Act (\u201cCARES Act\u201d), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the \u201cPPP\u201d) with the intended goal of preventing job loss and small businesses failure due to losses caused by the COVID-19 pandemic. The PPP was designed to support small business and employees [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[92,65,81,247],"tags":[],"coauthors":[185,177],"class_list":["post-4492","post","type-post","status-publish","format-standard","hentry","category-manzo","category-insights","category-estabrook","category-labor-employment-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Second Chance at Paycheck Protection Program Loan: An Overview of Program Application and Loan Forgiveness Requirements &#8212; May 5, 2020 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. Firm News &amp; Events<\/title>\n<meta name=\"description\" content=\"The Coronavirus Aid, Relief, and Economic Security Act (\u201cCARES Act\u201d), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lindabury.com\/firm\/insights\/second-chance-at-paycheck-protection-program-loan-an-overview-of-program-application-and-loan-forgiveness-requirements.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Second Chance at Paycheck Protection Program Loan: An Overview of Program Application and Loan Forgiveness Requirements &#8212; May 5, 2020 &#8212; Lindabury, McCormick, Estabrook &amp; Cooper, P.C. 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