Vol. XIX, Issue 42

July 7, 2020

CARES Act Update—PPP Reopens for New Loans; SBA Releases Borrower Information

On July 6, 2020, the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) again began accepting applications for new PPP loans. The new deadline to apply for a PPP loan is August 8, 2020 (extended from June 30).

The Small Business Administration (SBA) reopened the PPP loan program as a result of a law passed by Congress on June 30, 2020, which you can read more about here. The August 8 extension is for new borrowers only, i.e., businesses that have not previously received a PPP loan.

As mentioned in the June 23, 2020 On Board Express, the SBA has now published a list of PPP loan recipients. Published borrower data is broken out in several ways; e.g., loans under $150,000, loans by state, etc. Disclosed data includes business name, lender, business type, jobs retained, address, congressional district, and more. The media has begun covering the published data by reporting on some of the businesses receiving PPP loans, including the $7 billion that religious organizations have received.

Wespath continues to monitor activities related to the CARES Act to bring the most current information to our stakeholders. Please direct any CARES Act questions you may have to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

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