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Paycheck Protection Program Deadline Extended by Five Weeks

Paycheck Protection Program Deadline Extended by Five Weeks

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On Saturday, July 4, 2020, President Trump signed S.4116, extending the deadline for small businesses to apply for Paycheck Protection Program (PPP) funding by five weeks. Those that have yet to apply now have until Saturday, August 8, 2020 to get their applications submitted and approved by the Small Business Administration (SBA). Nearly $130 billion in funding is still available.

The bill, passed in the Senate on Tuesday, June 30th just hours before the original deadline expired, amends Section 1102(b) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It was unanimously approved by the House the next day without amendments.

The challenge for small businesses will be finding local lenders that are still accepting applications. Price Kong can help. We have assisted numerous small businesses in a wide range of industries with the application process and locating the best lender suited to their individual business goals.

We look forward to helping with any issues you may be facing. Please contact us with questions or concerns at 602.776.6300.