A bill that extends the timeframe for small businesses to apply for the Paycheck Protection Program passed the House and Senate last week to then be signed into law by President Trump on 4 July.
On 4 July, President Donald Trump signed into law S. 4116, a bill that extends the timeframe for small businesses to apply for a loan under the Paycheck Protection Program from 30 June to 8 August. The extension, which passed both chambers of Congress unanimously last week, provides additional time for small businesses to access recovery funds under the Paycheck Protection Program (PPP).
The Paycheck Protection Program (PPP) was passed in March as part of a $2.2 trillion economic relief package aimed at boosting the economy during the Coronavirus pandemic through business loans that allow businesses to continue paying their employees. Following its passage, Worldwide ERC® advocated for provisions ultimately included in the Paycheck Protection Program Flexibility Act (H.R. 7010), a bipartisan bill allowing businesses to receive both loan forgiveness and payroll tax deferment that was eventually signed into law. This newest bill is another timely move that would allow small businesses who have not yet applied for the PPP to still do so in an extended time frame.