Possible PPP extension coming - Spidell

Possible PPP extension coming


Senate bill S. 4116, which would extend the deadline to apply for Paycheck Protection Program loans from June 30, 2020, to August 8, 2020, was passed by the Senate on June 30. This could be good news for small businesses that missed the opportunity to apply for these loans before the June 30 application deadline.

According to news reports, there is still $130 billion of PPP funding remaining, which could be made available to borrowers.

The bill must still be passed by the House and signed by the President. Unless that happens, no new PPP applications will be accepted.

The text of the bill is available at:

www.congress.gov/bill/116th-congress/senate-bill/4116/text

We’ll cover any updates to this bill during Spidell’s Quarterly Tax Update webinar. Click here to register.