Companies that received funding under the Paycheck Protection Program in early April can begin to submit forgiveness applications this week, even as lawmakers consider program modifications.
Banks made about 4.3 million PPP loans totaling more than $500 billion, according to a Bloomberg report. Capital providers now will be required to help borrowers navigate a detailed application document, complete the paperwork and get it to the Small Business Administration for approval.
The House voted to extend the loan program’s eight-week window to 24 weeks as part of the roughly $3 trillion HEROES Act, and the chamber also is expected to vote on a stand-alone PPP bill this week. The Senate introduced legislation on Thursday that would extend the window for the money to be spent as well as the deadline for applying for a PPP loan. The legislation also would allow part of the loans go toward purchasing personal protective equipment.