02 July 2020

Congress Unanimously Approves Extension of Paycheck Protection Program (PPP) Loan Application Deadline to August 8, 2020

This week, by unanimous consent of the United States Senate and House of Representatives, Congress approved an extension of the deadline for eligible borrowers to apply for a Paycheck Protection Program (PPP) loan from June 30, 2020 until August 8, 2020.  The President is expected to sign the bipartisan legislation into law shortly.

Approximately $129 billion in existing appropriations remain available for PPP lending.  While Congressional leadership reportedly continue discussions regarding potential modifications to the PPP (including the possibility of a second round of more targeted lending), the existing terms and conditions of the PPP would remain unchanged under this week’s legislation (other than the extended loan application deadline).

Congress is widely expected to take up negotiations around another economic stimulus and relief package following the Fourth of July holiday recess, which may include further changes to the PPP.  The Miller Johnson cross-functional PPP team will continue to monitor these developments in order to work with clients and their other professional advisors to navigate the PPP process.

As the PPP and related compliance challenges continue to evolve, we encourage PPP borrowers to reach out to their Miller Johnson contacts to learn more about our flat-fee PPP Audit and Compliance Preparedness Program.  This program offers clients a strategic solution to identify, gather and organize relevant documents and performance data to ensure their business is best positioned to comply with the ever-changing forms and rules governing the PPP.  The program will also involve identifying key legal arguments so that clients are prepared for any potential enforcement action or inquiry.  Additional details regarding this program are available here.