Last night, the Senate unanimously passed a bill that would extend the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) application deadline through August 8, 2020. The bill is now set to be taken up by the House.
The PPP provides forgivable loans to cover payroll and overhead expenses for small businesses. On June 27, 2020, SBA reported that over $134 billion in unclaimed funds remained of the $669 billion program. Unless Congress repurposes them, leftover funds will be returned to the Department of the Treasury.
Additional Resources on the Paycheck Protection Program
- SBA and Treasury Release New PPP Application Forms
- Treasury and SBA to Make Changes Regarding Enactment of PPP Flexibility Act
- Congress Approves Significant Changes to SBA’s Paycheck Protection Program
- The Paycheck Protection Program Loan Forgiveness Application: Cracking the Code and Deciphering the Confusion
- House Passes Legislation Modifying Existing PPP Regulations
PilieroMazza is monitoring the rapidly changing COVID-19 crisis and will provide updates when more guidance is released by the government. Please contact Cy Alba, the author of this alert, or a member of the Firm’s Government Contracts Group if you have questions regarding the content. We also invite you to visit the Firm’s COVID-19 Client Resource Center to access resources that will help businesses navigate the effects of the COVID-19 pandemic. If you need immediate assistance, please contact us at [email protected].