On July 4, 2020, the President signed and the Senate and House approved an amendment to the CARES Act extending authority for commitments for the Paycheck Protection Program (“PPP”) through August 8, 2020. The original commitment had expired on June 30, 2020. As of today, there is approximately $130 billion of PPP funds available. Businesses can once again access forgivable loans until the earlier of the funds running out or August 8, 2020. 

At Schwabe, we’re closely monitoring developments related to the PPP and other legal implications of COVID-19, and have created a PPP Portal for all our PPP materials.. We encourage you to visit our COVID-19 and CARES Act resource pages for new information as it becomes available.