PPP Application Deadline Extended to August 8th

 In Employees, Human Resources, Managing COVID-19, Payroll, Tax Compliance

The PPP loan program, slated to end on June 30th, will now accept applications until August 8th, thanks to a last-minute bill passed by Congress. President Trump signed this temporary extension into law on Saturday.

According to the Journal of Accountancy, by the end of June, the Small Business Administration had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion remains unused, however, so the extension gives any eligible businesses that have not yet applied an opportunity to get any money they’re eligible for.

Although Congress has discussed other changes to the program, as of the end of June, the terms remain as they were. The only change is the extension of the application date. It seems likely Congress will come up with a new stimulus program in the coming days, but no one is sure what that might look like.

 

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