Congresswoman Lori Trahan (MA-03) reminded small business owners in Massachusetts’ Third Congressional District of the June 30th application deadline for relief under the Paycheck Protection Program. For more information and to apply for the forgivable loan, small business owners can click HERE.
“The Paycheck Protection Program has been a much needed lifeline for small business owners across Massachusetts simply trying to keep their employees on payroll and stay afloat during this crisis,” Trahan said. “With the June 30th deadline to apply for relief less than one week away, I’d encourage affected small businesses to apply as soon as possible. My staff and I stand ready to help in any way we can. Businesses in need of assistance with their application should reach out to my office immediately.”
Trahan has voted to provide more than $730 billion in federal relief for small businesses affected by the coronavirus pandemic, including $660 billion for the Paycheck Protection Program established under the CARES Act. On May 28, Trahan voted to pass the Paycheck Protection Program Flexibility Act, bipartisan legislation that was later signed into law to:
- Allow loan forgiveness for expenses beyond the 8-week covered period to 24 weeks and extending the rehiring deadline;
- Increase the current limitation on the use of loan proceeds for non-payroll expenses from 25 percent to 40 percent;
- Extend the program from June 30 to December 31;
- Extend loan terms from two years to five years;
- Ensure full access to payroll tax deferment for businesses that take PPP loans.