On July 4, President Trump signed S 4116 into law. The bill extends the Paycheck Protection Program (PPP) loan application deadline until August 8.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; the Act) authorizes the Small Business Administration (SBA) to make loans to qualified businesses under certain circumstances. The Act established the PPP, which provides up to eight weeks of cash-flow assistance through 100% federally guaranteed loans to eligible recipients to maintain payroll during the coronavirus (COVID-19) pandemic and to cover certain other expenses.
Prior to S 4116, a business seeking assistance needed to, by June 30, 2020, complete the PPP loan application on the U.S. Treasury Department’s website and submit the application to an approved lender available to process the application.
New bill extends application date. S4116 extends the PPP loan application deadline until August 8, 2020.