July 6, 2020

$130 Billion in PPP Loans Still Available

As the country continues to deal with the fallout of the COVID-19 pandemic, the House and Senate have agreed to extend one of the primary programs for supporting businesses through the crisis by another five weeks.

The House voted by unanimous consent on Wednesday, July 1, to pass a Senate bill that will keep the $660 billion Paycheck Protection Program open to applicants through Aug. 8. The program closed to new applicants on June 30 but the Small Businesses Administration will resume issuing loans if President Donald Trump signs the extension bill. As of last week, more than 4.8 million small businesses had taken out $520 billion in loans through the program. Those amounts can be forgiven if borrowers meet certain requirements, such as retaining pre-pandemic staffing levels. About $130 billion is still available for borrowers.