July 02, 2020

Congress Approves Five-Week Extension of PPP Application Deadline

1 min

On June 30, the United States Senate passed by unanimous consent a five-week extension of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) deadline. On July 1, the House did the same. If signed into law, the extension would amend Section 1102(b) of the CARES Act to authorize “commitments for PPP and other 7(a) loans” until August 8, 2020.

With $130 billion still remaining in the program as of June 30—the original deadline to apply for a PPP loan—the extension would allow small businesses additional time to take advantage of the funds already appropriated by Congress.