Before recessing for the Fourth of July break, Congress passed an extension of the Paycheck Protection Program (PPP) for small businesses, which was set to close down Tuesday, June 30, with more than $130 billion in funding left over.
The extension to Aug. 8, 2020, was introduced in the Senate, where it passed by unanimous consent on Tuesday. The House also passed it unanimously on Wednesday night.
The Small Business Administration stopped accepting new applications at 11:59 p.m. Tuesday. More than 4.8 million loans totaling $520.6 billion had been approved as of June 30. Any remaining program funds would have had to be returned to Treasury, unless repurposed by Congress.
Please reach out to your Baker Tilly tax advisor to discuss how this may affect your tax situation.
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