07/09/2020

Senate Approves a PPP Extension Through August 8

This may be some businesses' last chance at forgivable loans

Just hours before the Paycheck Protection Program (PPP) was set to expire, the Senate on Tuesday unanimously approved an extension, through August 8. The $669 billion forgivable loan program, first authorized by the CARES Act in March, had been set to end at midnight on July 1.

Through June, the U.S. Small Business Administration (SBA) approved nearly 4.9 million loans worth more than $520 billion. That leaves roughly more than $130 billion left for eligible small businesses that have been hamstrung by the coronavirus (COVID-19) pandemic.

In recent weeks, lawmakers have been debating the specifics of how to apply those remaining funds. There has been growing support for the Prioritized Paycheck Protection Program Act, or P4, which would stretch the application deadline for initial PPP loans to December 30. It would offer businesses with 100 or fewer employees that have already expended their PPP funds (or soon will) a second shot at money. That measure is expected to be part of the Phase 4 bill currently being considered by Congress.

Please select this link to read the complete article from Inc.