Congress May Extend the Deadline for Forgivable PPP Loans

Did you miss out on filing for a Paycheck Protection Program (PPP) Loan?  The PPP program provides forgivable loans for small businesses.  The application period ended today, but there is still about 130 million dollars in the account that Congress set aside for the program.  With this money still untapped, The Senate passed a bill this evening (Tuesday) that would extend the application period for another five weeks.

This extension is not yet law!  It still needs to pass through the House and be signed by the President, and there is very little time for that to happen before the Independence Day recess.  Nonetheless, it looks like COngress wants to enact this extension.

Quick Answers

• The PPP applies to small businesses, and to non-small businesses with less than 500 employees.  Not sure if you are small business?  You must meet a size standard.  Check out this table:

Business Activity	NAICS (2017)	Size Standard
Aircraft Parts Distribution	423860	500 employees
Aircraft Sales	441228	500 employees
Commercial Aircraft Leasing (dry lease)	532411	$35,000,000 annual revenue
Air Transportation Support Activities, including Repair Stations (but excepting “factory” conversion, overhaul and rebuilding)	488190	$35,000,000 annual revenue

• Want to know more about the PPP?  Check out our Frequently Asked Questions article.

UPDATE: Today, the House voted to extend the Paycheck Protection Program through Aug. 8.  Once signed by the president, this will reopen the application period for any company that did not previously file an application.