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Bill extending PPP deadline to August 8 awaits President’s signature (July 1)

On Wednesday evening (July 1), the US House of Representatives passed the Prioritized Paycheck Protection Program Act (P4), extending the window for business owners to apply for PPP loans to August 8, 2020. The program's authorization expired at midnight on Tuesday, June 30th. As of Tuesday, the Paycheck Protection Program had approximately $135 billion left.

In addition to the extension, P4 will decouple PPP from SBA's 7(a) lending program and allow some small business borrowers to apply for a second PPP loan. The legislation passed the Senate by unanimous consent so the action by the House sends the bill to President Trump's desk. He is expected to sign it.