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Congress Extends Paycheck Protection Program

This week, Congress finished work on legislation to extend the Paycheck Protection Program (PPP) for an additional 5 weeks. The PPP was established under the Coronavirus Aid, Relief and Economic Security (CARES) Act to assist businesses affected by the ongoing COVID-19 pandemic. It is a very generous program managed by the Small Business Administration (SBA), and it allows for credit institutions to provide loans to businesses that may be forgiven overtime if the business carries out certain activities. President Trump is soon expected to sign the bill into law.

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