May 29, 2020
The U.S. House overwhelmingly (417-1) approved legislation Thursday, May 28th, making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans.
The House bill, called the Paycheck Protection Program Flexibility Act (PPPFA), H.R. 7010, includes:
As of 5 p.m. ET on Wednesday, May 27th, the SBA had approved nearly 4.5 million PPP loans totaling more than $510.5 billion. More than $135 billion in PPP funds remained available for additional lending as of Wednesday.
The bill still needs to be approved in the Senate, where the specifics may change, and then signed into law by the President. The bill will likely not be finalized until sometime next week and it remains to be seen what final form the legislation will take.
We will continue to monitor the legislation as it makes its way through Congress and provide updates as the final bill is signed into law. If you would like more information on the Paycheck Protection Loan or the loan forgiveness programs, please feel free to contact us.
The U.S. House of Representatives unanimously passed a five-week extension of the Paycheck Protection Program (“PPP”) on Wednesday, July 1. The House action follows the Senate’s approval of a five-week extension on Tuesday night. The bill will now be sent to President Trump who is expected to sign it into law.
It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.
New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?