July 6, 2020

Congress Passes, President Signs Bill To Extend Loan Program For Small Businesses

Lawmakers in the U.S. House and Senate voted overwhelmingly last week to extend the U.S. Small Business Administration’s Paycheck Protection Program (PPP) until August 8, 2020. President Donald Trump signed the legislation on July 4. The program, which provides forgivable loans to businesses that keep employees on the payroll during the COVID-19 crisis, originally was due to expire on June 30.

The SBA and participating lenders have approved more than $500 billion in loans for eligible borrowers, but, according to reports, the PPP still has $130 billion in funding left.

Click here to learn more about this program from the SBA.

To explain the PPP’s forgiveness provision, the U.S. Chamber of Commerce has produced a Forgiveness Guide, a “Forgiveness in 15 Minutes” video, and is partnering with AICPA to promote a free PPP forgiveness calculator.