On June 29, the Senate passed legislation by unanimous consent to extend the deadline for Paycheck Protection Program (PPP) loan applications by five weeks, to August 8th. On June 30, the House agreed to the Senate bill, also by unanimous consent, and President Trump is expected to sign the legislation in the coming days.
At midnight on June 30th, per the CARES Act legislation that set up the PPP loan program, the SBA’s authority to accept new PPP loan applications expired. However, there is still approximately $130 billion in loan authority available in the program. After passage of this new legislation, borrowers interested in applying for a PPP loan will now have until August 8th. Any business interested in applying for a forgivable loan should talk to an SBA-approved lender.
For additional information, please contact Matt Turkstra, Director of Tax, Fiscal Affairs, and Accounting at (202) 547-4733 or matt.turkstra@agc.org