PPP Program Extension

[Lee B]

Late today, the Senate voted unanimously to extend the PPP Loan Program from June 30th until August 8th, since $130 Billion is still unspent.

The House has yet to vote.

[Lee B]

 Today, the House also passed the Extension Bill by unanimous consent. It now heads to the White House for the president's signature.

 

[Lee B]

More changes are on the way. A bipartisan bill in the Senate Banking Committee would allow PPP Loan recipients of loans in the amount of $150,000 or less,

to receive forgiveness with the filing of a one page attestation which would not require any complicated calculations.

The PPP webinar I took yesterday covered both forgiveness applications. While the EZ application is less complicated, just determining whether you qualify

to use the EZ application is definitely not easy unless you are a small business with a few employees with no changes.

[Lee B]

The president signed the extension bill into law this morning.

[Edsel]

Thanks for keeping us updated, CBS.

But I'm weary of this whole circus.  Wish the whole mess would just go away, or at the very least be settled and done with.  Wish the virus would go away too.

[Lee B]

The changes in tax law both federal and state is what generates work for us.

Without the changes there would a lot fewer practitioners .

[Lee B]

The Treasury Secretary and the head of the SBA testified during a House committee hearing this week.

According to various commentators, the following things are under active consideration:

1.  Adding more money to the $103 Billion left in the PPP Loan Program and another extension of the application deadline.

2.  Allowing borrowers to receive a second PPP Loan if their business has suffered a significant revenue decline.

3.  The Treasury Secretary was receptive to the "automatic forgiveness" ( See my earlier post )  of PPP Loans under $150,000.