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On Saturday, July 4, the President signed a bill re-opening the application window for the Paycheck Protection Program (‘PPP’) until August 8, 2020.

The U.S. House of Representatives and the Senate both passed the legislation by unanimous consent.

The House’s approval on July 1 came after the Senate passed the extension the evening of June 30, just hours before the PPP application window was scheduled to close.

The extension keeps a source of funding open to businesses impacted by the Coronavirus (COVID-19) while Congress continues to work toward a second, more targeted funding program.

The PPP, which has approximately $129 billion in funding remaining, was launched in early April as the COVID-19 pandemic battered the U.S. economy. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs.

Note that this is an extension of the original PPP. Businesses that have already borrowed money under the PPP would not be eligible to borrow additional funds. We understand that a second PPP is currently part of discussions with respect to an additional economic relief package, but Congressional action is expected to be several weeks away on any such package.

If you have questions about how the PPP can aid you or your business, please contact Bradley Wooldridge or your Manning Fulton relationship attorney.

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