Deadline for PPP Loan Applications Extended

The House and Senate unanimously passed S. 4116, which the President signed into law in early July. The sole purpose of this short but important piece of legislation is to extend the deadline for eligible businesses to apply for a Paycheck Protection Program (PPP) loan. Despite the initially high demand for PPP loans, which prompted Congress to pass increased funding for the program just weeks after it was established, the SBA has reported that there is still approximately $130 billion left in available PPP loan funds.

The CARES Act, which established the PPP loan program, set June 30, 2020 as the end date for businesses to request a PPP loan. At the time Congress passed the CARES Act, the members certainly did not anticipate the continued level of impact that the coronavirus would have through the summer. This legislation extends the PPP loan application deadline through August 8, 2020 giving businesses more time to access the PPP loan funds if they have not done so already.

If you have any questions, please contact your Nisivoccia representative at (973) 298-8500.