The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic. Yesterday, on the statutory deadline for submission of PPP applications, the Senate voted unanimously to extend the program until August 8, 2020. The bill, S4116 was sponsored by Senator Benjamin Cardin will now head to a vote in U.S House of Representatives.
The Small Business Administration will stop accepting applications to the program unless / until the House passes passes the Senate version of the bill.
Other recent legislative action in Congress that could potentially impact the PPP loan program are below:
S.4117 – A bill to provide automatic forgiveness for paycheck protection program loans under $150,000, and for other purposes.
H.R.7397 – To amend the Small Business Act to provide that certain chambers of commerce and destination marketing organizations are eligible for loans under the paycheck protection program, and for other purposes.
H.R.7241 – To provide for supplemental loans under the Paycheck Protection Program.
We are in this together,
Brinker Simpson & Company, LLC
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice & cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).