Disclaimer: This information was correct at the time of publication; however, new guidance from government agencies may be issued at any time, causing some or all of this information to change. Please visit our COVID-19 Business Strategy Hub for the latest news and ensure you are subscribed here to receive email alerts as they are released. We are working diligently to provide the most current information as it becomes available under our COVID-19 Actionable Insights For Businesses Series.
On Wednesday, July 1, 2020, the House passed a bill to extend the deadline to apply for a small business loan through the Paycheck Protection Program (PPP) that was released under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The new legislation, approved by the Senate on June 30, 2020, extends the deadline to request PPP loans from June 30, 2020, to August 8, 2020. The bill now heads to President Trump for his signature.
Lawmakers unanimously supported this deadline extension with the PPP having more than $130 billion in allocated loan money that has yet to be spent. Extending the deadline allows small businesses who are facing challenges due to the COVID-19 pandemic to continue receiving aid. The PPP aims to help small businesses keep employees on payroll and has already provided $520 billion in loans to nearly five million companies nationwide.
It is expected that Congress will consider another Coronavirus relief plan later in July. In addition to a wide range of proposed aid, lawmakers will consider expanded small business relief. Moore Colson remains committed to keeping you updated on the latest news surrounding financial challenges associated with the COVID-19 pandemic, and we will continue sharing our suggested business strategies as more updates come out of Washington.
If you need assistance applying for a PPP loan, managing your PPP loan funds, calculating your loan forgiveness amount or completing your PPP loan forgiveness application, the Moore Colson team is available to help. To learn more, visit the COVID-19 Business Services section of our website or contact us. Also, be sure to subscribe here to get our news and alerts as they are released.
Bert Mills, CPA, is the Managing Partner at Moore Colson. In his role, Bert sets the vision and mission of the Firm and works closely with the Firm’s leadership to drive and implement strategies.
Chris Arnone, CPA, is a Partner and Business Assurance Practice Leader at Moore Colson. Chris has over 20 years of experience providing audit, accounting and consulting services for companies in the transportation, manufacturing, distribution, staffing, private equity and venture capital industries.
Andy Starnes, CPA, is a Partner and Tax Services Practice Leader Moore Colson. Andy’s specialties include corporate tax compliance and planning, business consulting and multi-generational planning with a focus on the construction, professional services and staffing industries.