SBA's Paycheck Protection Program set to expire Aug. 8

The Small Business Administration’s Paycheck Protection Program application period for new loans is once again set to expire, this time at the end of the day Aug. 8.

The expiration of the widely used forgivable loan program's application window comes as Congress debates extending, expanding and altering its terms to include a second round of loans and expanded options for original loans and levels of loan forgiveness. But Congress remains stalled on a compromise deal involving a wider stimulus effort and the Senate is set to recess on Aug. 10, remaining out until Labor Day.

“Even though there is talk about a second PPP there is no guarantee,” said Tenley Carp, an attorney at Arnall Golden Gregory LLP, who has urged those who were still planning on getting a loan to apply. “So do it today or do it tomorrow.”

The program was originally set to expire June 30, and in fact did lapse for several days, until Congress extended the deadline under legislation President Trump signed into law July 4. New legislation would extend that deadline even further, but Congress would have to pass it.

https://www.bizjournals.com/seattle/news/2020/08/06/sba-ppp-loan-expire-august-deadline.html