PPP Borrowing Period to be Extended
The deadline to apply for potentially forgivable loans as part of the Paycheck Protection Program expired this week on June 30, but with around $130 billion remaining in untapped funds, the House and Senate passed a bill that President Trump is expected to sign, extending the deadline instead to August 8.
The bill, S. 4116, does not set in motion procedural changes and prospective borrowers will continue to use SBA Form 2483 to apply for a loan.
To be clear, a borrower faces two applications: One to request the loan and a subsequent one to request forgiveness of that loan. This new bill relates to the former by extending the deadline to apply for new loans.
For more information or a discussion on how this may impact you, please contact your BNN advisor at 800.244.7444.
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