PPP Application Deadline Extension Signed into Law

7/6/2020 Update: Saturday night, the President signed the PPP application deadline extension into law.

This evening, the House of Representatives passed a bill that extended the deadline for small business owners to apply for Paycheck Protection Act loans. The Senate had previously passed this bill through unanimous consent.

The deadline for small businesses to apply for PPP loans is now August 8. There remains around $135 billion left appropriated for PPP loans according to Secretary Mnuchin. Congressional negotiators are expected to engage in discussions regarding the program’s future and hope to have an agreement prior to the August 8 deadline.

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Authors: Mark Brasee

This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.