Skip to Main Content
Services Talent Knowledge
Site Search
Menu

Alert

Our attorneys stay on top of changes in legislation, agency regulations, case law, and industry trends—then craft timely legal alerts to keep clients up to date on legal developments important to their business.

July 2, 2020

COVID-19: Congress Passes Legislation to Extend PPP Application Deadline

Legislation passed by Congress and awaiting signature by the president is set to extend the date when companies can apply for a Paycheck Protection Program (PPP) loan. Once signed, eligible borrowers will have until August 8 to submit an application. The new legislation doesn’t make any other changes to the PPP, such as maximum loan amount available or borrower eligibility.

Additionally, in consultation with the US Department of the Treasury, the Small Business Administration recently published guidance to assist various businesses with calculating their payroll costs to determine the maximum amount of a PPP loan for which they’re eligible to apply. This guidance provides step-by-step explanations to be used by self-employed individuals with no employees, self-employed individuals with employees, self-employed farmers, partnerships, S corporations and C corporations, eligible not-for-profits and eligible not-for-profit religious institutions, veterans organizations, and tribal businesses to calculate the maximum amount that can be borrowed as well as documentation that must be provided to substantiate the applied-for PPP loan amount.

Additionally, clarification was provided for owners of limited liability companies and those who are self-employed but were not in operation between February 15, 2019 and June 30, 2019.

If you have any questions regarding the content of this alert, please contact Roger Cominsky, Financial Institutions & Lending Practice Area chair, at rcominsky@barclaydamon.com; Danielle Katz, associate, at dkatz@barclaydamon.com; or Samantha Podlas, associate, at spodlas@barclaydamon.com.

We also have a specific team of Barclay Damon attorneys who are actively working on assessing regulatory, legislative, and other governmental updates related to COVID-19 and who are prepared to assist clients. Please contact Yvonne Hennessey, COVID-19 Response Team leader, at yhennessey@barclaydamon.com or any member of the COVID-19 Response Team at COVID-19ResponseTeam@barclaydamon.com.

Featured Media

Alerts

NYS Health and Mental Hygiene Budget Legislation Summary

Alerts

NYS Legislature Passes Legislation to Reopen the CDPAP Fiscal Intermediary Procurement Process

Alerts

Pennsylvania State Court Grants Summary Judgment to Dental Practice Against Insurer for COVID-19 Business Interruption Coverage

Alerts

Unpacking the Impact of the Newly Effective Information Blocking Rule

Alerts

Second Circuit Court of Appeals Certifies Questions Regarding Damages for Improper Judgment Enforcement to New York Court of Appeals

Alerts

NYS Governor Cuomo Signs Bill to Fully Repeal Immunity for Certain Health Care Providers and Facilities

This site uses cookies to give you the best experience possible on our site and in some cases direct advertisements to you based upon your use of our site.

By clicking [I agree], you are agreeing to our use of cookies. For information on what cookies we use and how to manage our use of cookies, please visit our Privacy Statement.

I AgreeOpt-Out