July 7th, 2020

Payment Protection Program Extended through August 8, 2020

On July 3rd, President Trump signed legislation extending the application deadline for the Paycheck Protection Program until August 8th. The program had originally been set to expire on Tuesday, June 30th, but a bill extending the program was passed by the Senate hours before its scheduled expiration and by the House the following day, at which point the bill was sent to the President for approval. The program still has about $130 billion in funds available for borrowers (out of approximately $660 billion that had been allocated initially). 

An updated application for the PPP loan program, reflecting recent program changes, has been published by the Treasury Department and can be found here. Potential borrowers can access the lender match tool on the SBA website to find lenders who are still accepting PPP loan applications.   

We will continue to monitor developments in the PPP and other CARES Act-related lending programs. If you have questions about the PPP program, or about other CARES Act developments, please contact Jay Rand at 212 705 4825 or jrand@fkks.com, Deborah Wolfe at  212 826 5573 or dwolfe@fkks.com, Tricia Legittino at 310 579 9632 or tlegittino@fkks.com, Wendy Stryker at 212 705 4838 or wstryker@fkks.com, or any other member of the Frankfurt Kurnit Corporate and Employment Groups.