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The Paycheck Protection Program (PPP) has officially been extended! Businesses will now have until August 8, 2020, to apply for a PPP loan. The extension was passed by the U.S. Senate on June 30, by the U.S. House on July 1, and signed by the President on July 4, 2020.
The PPP loan program's original application window closed on June 30, 2020. The Senate passed the extension just in time to allow businesses that were not yet able to get a PPP loan an additional 39 days to obtain a loan. There is still more than $130 billion in funds available to borrowers.
Even with the extension of this program, there is discussion about another round of stimulus legislation. A number of legislators are lobbying for separate programs addressing businesses with less than 100 employees and less than 10 employees.
Congress recessed for two weeks on July 3 and is expected to return July 18.
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