Paycheck Protection Program Extension
Late Tuesday June 30, 2020, just a few hours before the expiration of Paycheck Protection Program (PPP), the Senate voted to extend the PPP five more weeks. The move was made to allow eligible small businesses that have not applied or been denied a loan under the PPP more time to claim the remaining $129 million in the program.
Currently, the Small Businesses Administration (SBA) which oversees the PPP stopped taking applications as of midnight Tuesday. However, if the House and President sign-off on the extension the PPP will be reopened and remain available until August 8, 2020.
We will continue to update you as we learn more.