PPP Application Deadline to be Extended

PPP Application Deadline to be Extended

There is still time for qualifying small businesses to apply for forgivable loans under the Paycheck Protection Program (“PPP”). The original deadline to apply for a PPP loan was June 30th. Just hours before the deadline, the U.S. Senate unanimously voted to extend that deadline until August 8th and the House concurred the following day. The Small Business Administration (“SBA”) stopped accepting loan applications at midnight on June 30th, but it will begin accepting applications again upon signing of the bill by the President.

There is still approximately $130 billion in allocated funds that have not been loaned out. While the program faced a somewhat confusing roll-out, it has ultimately provided crucial cash to millions of small businesses to help them make payroll. More than 4.8 million small businesses have utilized the program and over $520 billion has been loaned to date.

Businesses are still only permitted one PPP loan, though there has been talk of additional change to the PPP, including potentially allowing businesses to apply for a second loan. For more information about the PPP, including changes passed by Congress in early June to make the program more flexible, click here.

 

The guidance provided above is general in nature and readers are encouraged to reach out to Neider & Boucher, S.C., or to their own legal counsel to determine the applicability of these issues to their own personal and/or business needs.