The U.S. Senate has voted to extend the deadline for businesses to apply for coronavirus aid under the Paycheck Protection Program (PPP). Previously set to expire on June 30, the Senate has paved the way to extend the application deadline to August 8. Congress must also approve before heading to the President’s desk for signature, but both are expected to happen.
As of June 30, approximately $520,630,000,000 in loans has been approved through the SBA program, with roughly $130 billion remaining that will be returned to the Treasury unless Congress re-purposes it.
This content was created during a snapshot in time and should be relied upon as such. Legislation and guidance continue to change as we progress through the current fluid environment and the information may not be applicable at a later date. All content and materials are for general information purposes only. If you have questions regarding your specific situation, please contact us.