PPP Gets Five-Week Extension
On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4.
With around $129 billion of loan funds still available through the PPP, the application window closed on Tuesday, June 30 at midnight. However, this extension means that the U.S. Small Business Administration (SBA) will begin to accept applications again. The five-week extension puts the new application deadline at midnight on August 8.
For further details on the PPP and the recent extension, check out this article from the Journal of Accountancy.