Congress Extends Paycheck Protection Program Applications

The U.S. Congress this week acted unanimously to postpone the deadline for Paycheck Protection Program loans to Aug. 8.

The U.S. Senate acted June 30—the original deadline for applications—with the House following the next day.

The U.S. Small Business Administration says approximately $130 billion remains available from the $324 billion Congress appropriated in April for the second round of lending.

Funding for the first round of PPP lending program ran out April 16, less than two weeks after the initial $349 billion fund was launched.

The program provides forgivable loans up to $10 million to cover payroll and certain other costs to eligible small businesses with 500 or fewer employees.

As of June 30, over $520.6 billion in loans were made through both rounds to more than 4.8 million small businesses, with an average loan of $107,199.

In Connecticut, over $6.6 billion in loans were made to 59,876 small businesses.

In addition, the SBA has loaned or advanced more than $137 million in Economic Injury Disaster Loan funds to 43,390 small businesses in the state.

The EIDL program provides loans and $10,000 forgivable advances for eligible small businesses.