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Paycheck Protection Program Extended to Aug. 8

The eligibility period for small businesses to apply to the Paycheck Protection Program (PPP) has been extended until Aug. 8, according to NPR.

The program, which extends potentially forgivable loans to businesses negatively affected by COVID-19, was set to expire in June with roughly $130 billion left unused.

The Small Business Administration, which administers PPP loans, says more than 4.8 million small businesses have used the program since its start. Recent data from the North American Retail Hardware Association shows that nearly 63 percent of home improvement retailers have applied to the program and 89 percent of those applicants were granted PPP loans.

To learn more about how a PPP loan could impact your home improvement operation, visit the SBA online.

About Todd Taber

Todd Taber
Todd is trends editor for Hardware Retailing magazine. He graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017.

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