Senate Passes PPP Loan Application Deadline Extension, More Than $130 Billion Still Unclaimed

PilieroMazza PLLC

Last night, the Senate unanimously passed a bill that would extend the Small Business Administration's (SBA) Paycheck Protection Program (PPP) application deadline through August 8, 2020. The bill is now set to be taken up by the House.

The PPP provides forgivable loans to cover payroll and overhead expenses for small businesses. On June 27, 2020, SBA reported that over $134 billion in unclaimed funds remained of the $669 billion program. Unless Congress repurposes them, leftover funds will be returned to the Department of the Treasury.

Additional Resources on the Paycheck Protection Program

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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