PPP Application Deadline Now August 8 – $132 Billion Still Available
Over the July 4, 2020, weekend, President Trump signed into law a bill extending the application deadline under the Paycheck Protection Program (PPP) to August 8, 2020. The application window had closed as of June 30, but has now been reopened for an additional five weeks. The U.S. Small Business Administration (SBA) also released a PPP status update as of June 30, 2020. Lenders have issued approximately 4.9 million PPP loans totaling $521 billion. Due to loan repayments, the remaining funding available is $132 billion.
There have been numerous updates to the program’s eligibility and loan forgiveness criteria that have simplified the process. Companies and nonprofit organizations that have not already applied may want to reconsider this forgivable loan program.
As previously reported, the SBA retained the right to disclose borrower information. On July 6, 2020, the SBA disclosed the business names, addresses, NAICS codes, zip codes, business type, demographic data (if provided), nonprofit information, jobs supported, and loan amount ranges as follows:
- $150,000 to 350,000
- $350,000 to 1 million
- $1 million to 2 million
- $2 million to 5 million
- $5 million to 10 million
These categories account for nearly 75 percent of the loan dollars approved. For loans below $150,000, totals will be released and aggregated by zip code, industry, business type, and various demographic categories but not by individual borrower.
BKD will continue to follow this developing situation. As with most topics related to COVID-19, changes are being made rapidly. Please note that this information is current as of the date of publication. Visit BKD’s COVID-19 Resource Center to learn more. If you have questions about these changes, contact your BKD Trusted Advisor™ today.