Alert 06.18.20
Alert
Alert
07.02.20
Both the House and Senate passed legislation by unanimous consent to amend Section 1102(b) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to extend the PPP until August 8. The legislation would grant eligible applicants an additional five weeks to apply for PPP loans.
The bill (S. 4116) was introduced and passed in the Senate on June 30, just before the deadline to submit PPP applications lapsed. The House quickly passed the bill the next day, and it now awaits President Trump’s expected signature. Approximately $130 billion in CARES Act appropriations designated for the PPP remains untapped and available to new eligible applicants.
Congress is expected to introduce additional stimulus legislation at the end of this month. Treasury Secretary Steven Mnuchin has indicated that the Administration anticipates such additional relief will target industries that have been hardest hit by the economic downturn caused by the COVID-19 pandemic, specifically the restaurant and lodging industries.
For more information, please reach out to your regular Pillsbury contact or the authors of this client alert.
Pillsbury’s experienced multidisciplinary COVID-19 Task Force is closely monitoring the global threat of COVID-19 and providing real-time advice across industry sectors, drawing on the firm’s capabilities in crisis management, employment law, insurance recovery, real estate, supply chain management, cybersecurity, corporate and contracts law and other areas to provide critical guidance to clients in an urgent and quickly evolving situation. For more thought leadership on this rapidly developing topic, please visit our COVID-19 (Coronavirus) Resource Center.