On Tuesday, June 30, hours before the Paycheck Protection Program (“PPP”) was set to expire, the Senate voted to extend the application deadline. The bill was approved in the House of Representatives on Wednesday, July 1, and is now in the hands of the President, who is expected to approve it. Pursuant to the bill, eligible small businesses and nonprofit organizations now have until August 8, 2020, to apply for a forgivable PPP loan. There remains over $100 billion available under the program.
We will continue to monitor the legislation as the final bill is signed into law. If you would like more information on the PPP loan or the loan forgiveness programs, please contact a member of our Corporate practice group at 585.232.6500 or 716.853.1616.
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