Congress Extends Deadline to Apply to Paycheck Protection Program

ANCOR fought hard to advocate for our members to be eligible for the Paycheck Protection Program, so we are sharing this article by ASAE for our members’ general awareness. ASAE is the association for association leaders, and ANCOR is a member.

“Both the Senate and the House passed legislation by unanimous consent this week to extend the deadline for eligible businesses to apply for Paycheck Protection Program (PPP) loans, which was scheduled to expire June 30.

The PPP, which was created to help small businesses weather the COVID-19 pandemic, has more than $130 billion in loan money unspent. The Senate and House approved extending the application period until August 8. The legislation must still be signed by President Trump. Both the House and Senate are leaving Washington this week for a two-week Fourth of July recess.

The bill only extends the deadline for applying for PPP loans, and does not expand access to the program for 501(c)(6) associations as ASAE and thousands of other associations have requested. However, with multiple parts of the $2.2 trillion CARES Act set to expire in July and new outbreaks of the coronavirus forcing states to slow down efforts to reopen their economies, legislators widely acknowledge that another large-scale COVID-19 relief package will be needed when Congress returns to Washington.”