President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension. The PPP loan program, slated to end on June 30, 2020, will now accept applications until August 8, 2020, a last-minute bill passed by Congress.
According to the Journal of Accountancy, by the end of June, the SBA had approved nearly 4.9 million loans totaling more than $520 billion. About $130 billion remains unused, giving any eligible businesses that have not yet applied an opportunity to apply according to eligibility.
Although Congress has discussed other changes to the program, as of the end of June, the terms remain unchanged. 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.
If you have PPP loan forgiveness questions, contact one of the individuals listed below.
Mark R. Dreher, CPA, Managing Partner
Barry S. Graham, CPA, CMA, Senior Audit Manager