Good News! 5-Week Extension for PPP Loans Just Passed In Senate
Glen Frost
Tax Attorney | Business & Estate Lawyer | Certified Public Accountant | Certified Financial Planner?
Yesterday, June 30th, just hours before the Paycheck Protection Program (PPP) was scheduled to expire, the Senate unanimously passed legislation which would provide a five-week extension of the popular program so that small businesses impacted by COVID-19 may continue to receive much needed relief.
This unexpected, bipartisan action is a welcome sign for many small businesses in the midst of new outbreaks and renewed state measures to slow or halt re-openings.
The PPP still has approximately $130 billion dollars remaining, and under the Senate bill, small businesses would have until August 8, 2020, to apply for the forgivable PPP Loans. Without the extension, the unspent PPP money will either go back to the Treasury or be re-purposed by Congress.
Now the House must act on the proposed extension, and if passed there, the President must sign it in order for the PPP to continue. With both the Senate and the House preparing to adjourn for two-weeks, it remains to be seen how quickly the House acts.