Independent Operators

PPP loan application extended to August pending president’s approval

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July 6, 2020

Companies that haven't taken advantage of the Paycheck Protection Program are likely to have until Aug. 8 to apply, thanks to a Senate vote to extend the program that was set to expire on June 30, according to a Yahoo News report. More than $130 billion is still available to companies that qualify.

The bill still needs to be signed into law by President Trump.

The first batch of PPP funds, $349 billion, sold out in just a few weeks. A second authorization pushed the amount to more than $655 billion. Near the end of last week, the U.S. Small Business Administration said around $134 billion was still available.

On June 22, the Treasury Department said it planned to disclose the names of PPP borrowers that received at least $150,000, which would include around 655,880 companies. The average loan was $107,199, according to an SBA report released yesterday.

On June 5, the president signed the Paycheck Protection Program Flexibility Act, extending the timeline for companies to use the money from two months to 24 weeks. The act gave borrowers until Dec. 31 to rehire workers and have their salaries eligible for loan forgiveness, extending the previous June 30 deadline.