PPP Gets Five-Week Extension
All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Lewis, Hooper & Dick LLC advisor for the latest information.
On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4.
With around $129 billion of loan funds still available through the PPP, the application window closed on Tuesday, June 30 at midnight. However, this extension means that the U.S. Small Business Administration (SBA) will begin to accept applications again. The five-week extension puts the new application deadline at midnight on August 8.
For further details on the PPP and the recent extension, check out this article from the Journal of Accountancy.