Late on Tuesday, June 30, 2020, the Senate passed legislation to extend the deadline for small businesses to apply for COVID-19 related aid under the Paycheck Protection Program (PPP) to August 8, 2020.
While it is believed that the vast majority of eligible business owners have already applied for and received assistance under this program, over $100 billion of the $669 billion program remains available to assist small businesses. According to the SBA, more than 4.8 million loans totaling $520.6 billion had been approved by the original June 30, 2020 deadline.
The House has yet to take up the bill, although there has been little objection to the extension as lawmakers on both sides of the aisle work to find a way to re-purpose this funding. Members of Congress appear to agree that a second round of stimulus is needed, and efforts are underway to develop a modified loan program that will allow businesses hardest hit by the pandemic to apply for additional assistance.