Businesses that were hoping for more time to apply for a Paycheck Protection Program (PPP) loan are in luck. The original deadline to apply for a PPP loan was June 30, 2020. However, on Tuesday the Senate unanimously approved a 5-week extension - just hours before the initial deadline was set to expire. The measure was approved in the House on Thursday, then signed by President Trump earlier today.
The unexpected legislation provides more time for businesses to apply for the approximately $129 billion in PPP funding still remaining. The new application deadline is August 8, 2020.
To date, the SBA has approved nearly 5 million loans for a total of more than $520 billion. Many of the businesses that have already secured their loans are now shifting their attention to the loan forgiveness application process, which has so far proven to be complex and ever-changing.
As always, we are here to help and are happy to assist you with the PPP loan process. If you have any questions about these or any other matters, please contact your Kreischer Miller relationship professional or any member of our team. We also continue to update our COVID-19 Resource Center, which you can access here.
Information contained in this alert should not be construed as the rendering of specific accounting, tax, or other advice. Material may become outdated and anyone using this should research and update to ensure accuracy. In no event will the publisher be liable for any damages, direct, indirect, or consequential, claimed to result from use of the material contained in this alert. Readers are encouraged to consult with their advisors before making any decisions.