Advocacy & Practice Updates — Advocacy & Practice
House and Senate Pass PPP Applications Extension
This week, the House and Senate passed by unanimous consent an extension of the Paycheck Protection Program (PPP) application to August 8, 2020. Originally enacted as part of the CARES Act pandemic relief bill, then supplemented with additional funds, and finally amended to provide more flexibility in the program, the PPP application process ended on June 30, 2020. Given that there is still approximately $130 billion left in the program that has yet to be distributed, Congress acted so that funds remain available to prospective borrowers. Senate Small Business Committee Chairman Marco Rubio (R-FL) and Ranking Member Ben Cardin (D-MD) have recently indicated they were open to additional changes to the program, such as allowing borrowers who already have a loan to borrow more, or to change some of the terms of forgiveness to allow greater spending on non-payroll costs. The extension measure is expected to be signed by the President shortly.