The President recently signed into law an extension of the application deadline for the Paycheck Protection Program from June 30 to August 8. As of June 30, approximately $130 billion of the $659 billion program was still unused.
Senator Ben Cardin proposed the extension and the bill passed the Senate by unanimous consent. The House passed the bill on July 1 and the President signed it into law on July 4. The legislation allows small businesses additional time to apply and the possibility for all the funds for the program to be used.
In late July, Congress is scheduled to discuss the next phase of Coronavirus relief with some of Congress hoping for changes to the program. Changes that could be coming include new modifications providing assistance to small businesses and disadvantaged areas. Additional talks are in the works of allowing for a second round of PPP loans for businesses with fewer than 100 employees that have lost a significant amount of revenue due to the pandemic.
Our advisors are closely following COVID-19 relief efforts and will continue to publish insights to keep you informed about potential business impacts and benefits. Visit our COVID-19 Resource Center for more insights or contact Anders below to discuss how we can help you along the PPP loan process.All Insights