The Paycheck Protection Program’s latest deadline to apply for a forgivable loan is tomorrow, August 8. While the program has provided an essential lifeline to thousands of businesses nationwide, the continued rise of Covid cases is spelling trouble for many small businesses moving forward.
There is movement in Congress to continue large-scale federal support for small businesses after tomorrow’s window closes, but it has yet to become final law. Robin Saks Frankel’s post in Forbes yesterday highlights the status of the latest legislation, along with polling data surrounding perceptions of the program to date. Senator Marco Rubio, Chairman of the Senate Committee on Small Business and Entrepreneurship, released a one-pager highlighting the framework of what legislation may look like moving forward.
Praxia Partners will continue to provide guidance to small businesses and non-profits on these programs. To date, in partnership with Commodore Bank, we’ve helped 70 small businesses access over $2 million in forgivable loans for their businesses.
We’ll keep you updated on our pro-bono offerings as the new legislation is rolled out.
