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.