By Joe Bailey, Sean Apfelbaum, and Andy Smetana

On July 1, 2020, the U.S. House of Representatives approved an extension of the application deadline for loans under the Paycheck Protection Program (PPP), following the U.S. Senate’s approval of the extension the previous day. Once signed into law by President Trump, the deadline, which was previously June 30, 2020, will be extended to August 8, 2020.

At the time of the extension, it is estimated that $129 billion remained available for new PPP loans. This extension will allow businesses and nonprofits, that did not previously obtain a PPP loan, time to consider whether or not they wish to apply now.