Since approximately $130 billion still remains in the program, out of $660 billion, Congress sought to extend the application deadline to enable businesses to seek financial assistance to meet additional challenges of the COVID-19 pandemic.
Congress will reconvene after the July 4th recess and consider additional financial support for businesses. Treasury Secretary Steven Mnuchin said that the next round of small business aid will need to be targeted to specific industries that are struggling the most, such as hotels and restaurants.
Another proposal would allow businesses with fewer than 100 employees to take out a second PPP loan. Moreover, there has been discussions within the SBA to completely forgive all PPP loans that are $150,000 or less. This resolution would eliminate the administrative burden placed` on businesses and the SBA to comply with the forgiveness application process.
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