On the evening of June 30, 2020, a few hours before the Paycheck
Protection Program ("PPP") loan application deadline was
set to expire, the U.S. Senate unanimously passed a bill amending
the Coronavirus Aid, Relief, and Economic Security Act ("CARES
Act") to extend the deadline from June 30 2020 to August 8,
2020. In order for the extension to take effect, the House of
Representatives, which is scheduled to adjourn later this week for
a reported two week recess, would need to pass the amendment, and
the President would need to sign the measure into law.
The CARES Act, which became law on March 27, 2020, initially
made $349 billion in PPP funding available, but, in response to
high demand, an additional $320 billion was later approved for this
popular stimulus program. Through June 27, 2020 and in a period
spanning just a few months, the U.S. Small Business Administration
("SBA") approved 4.8 million PPP loans for an aggregate
amount of approximately $519 billion.
