On Wednesday, July 1, 2020, the U.S. House of Representatives joined the Senate in passing a measure to extend the deadline to apply for PPP loans from the SBA – the extension passed both Chambers by unanimous vote. The application period ended at midnight on June 30; the extension approved will be for 5 weeks, ending August 8, 2020.
President Trump is expected to sign the bill into law.
While the SBA has approved nearly 4.9 million PPP loans, aggregating more than $520 billion, roughly $129 billion in PPP loan funds remained undistributed at 5:00 PM on Tuesday.
These loans are available to small businesses which were in operation as of February 15, 2020, and have 500 or fewer employees. Self-employed individuals, sole proprietorships and independent contractors are all eligible for PPP loans.
We think it is a great idea to extend the deadline, since funds are available and some businesses which were reluctant to apply at first but changed their minds may have felt the deadline loomed too close, and didn’t apply.
Stay tuned for further developments, which will be coming!
If you have questions on the PPP, please click here to email us directly – we are here to help.
Until next Wednesday –