Thursday, April 18, 2024

PPP extended into August

The Paycheck Protection Program was extended through Aug. 8 after a measure passed through the U.S. Senate and House early this month and was signed by President Trump.

The U.S. House of Representatives approved an extension of the Paycheck Protection Program on July 1, only hours after the U.S. Senate approved the measure to extend the Paycheck Protection Program.

The extension, which was approved in both the Senate and House by unanimous consent, also decouples PPP authorization from the 7(a) program, eliminating the risk that the regular 7(a) program could shut down when the PPP hits its authorization cap

President Trump signed the measure on July 4.

Additionally, the Small Business Administration released public data earlier this month on PPP participants, including borrowers and lenders, as of June 30.

For loans $150,000 and above, the SBA disclosed the name and location of the business receiving the loan, the number of employees benefiting, the name of the lender, the congressional district of the borrower and a range where the loan amount falls. For loans below $150,000, SBA did not release borrower names but did include precise loan amounts. The public data set did not include information on PPP loans that were canceled.

As of June 30, Oklahoma financial institutions made 64,277 loans worth more than $5.4 billion.