Go to navigation Go to content
Toll-Free: (855) 743-0262
Phone: (201) 529-8024
Fazzio Law Offices

COVID-19 Relief Law - Senate Introduces PPP4 Bill


Blog Category:
7/1/2020
Comments (0)

The United States Senate has introduced the Prioritized Paycheck Protection Program ("P4") Act. 

The bill authorizes new lending under the Paycheck Protection Program (PPP) to small businesses with 100 employees or less, including sole proprietorships and self-employed individuals. Eligible businesses must have already expended an initial PPP loan, or be on pace to exhaust the funding, and must demonstrate a revenue loss of 50 percent or more due to the COVID-19 pandemic. The bill would extend the application deadline for initial PPP loans from June 30 to December 30, or longer, at the discretion of the Small Business Administration (SBA), and would use existing PPP funding to make P4 loans.

P4 would:​​ 1. provide eligible small businesses with as much as 250 percent of monthly payroll costs worth up to $2 million;  2. prevent affiliated businesses with separate locations from receiving more than $2 million in aggregate P4 loans; and 3. allow P4 recipients maximum flexibility to apply for loan forgiveness as soon as 8 weeks after the loan disbursement.

The CARES Act contains multiple means of relief for businesses and self-employed individuals.  We understand how uncertain this time and our firm is prepared to advise you on which program is best suited for your financial situation as well as assist you in the application process for the two programs, Fazzio Law is in your corner.



Category: COVID-19 Relief Law


There are no comments.

Post a comment

Post a Comment to "COVID-19 Relief Law - Senate Introduces PPP4 Bill"

To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."

Name:*

Email:* (will not be published)

Message:*

Notify me of follow-up comments via email.