Paycheck Protection Program Deadline Extension
The U.S. Senate unanimously passed legislation to extend the Paycheck Protection Program to August 8, 2020. The small business loan program expired yesterday, on June 30. It now needs to pass the House in order for it to be sent to the President’s desk to be signed into law.
Just last week the Department of Treasury and Small Business Administration announced a rule allowing commercial fishing businesses to account for crew member payroll when applying for Paycheck Protection Program (PPP) loans, a change that the Alaska Congressional Delegation had been seeking for weeks. While commercial fishing businesses were previously eligible for PPP loans, before June 25th they were not fully able to take advantage of the PPP due to the Department of Treasury’s previous interpretation of eligible payroll costs. Treasury issued a rule on June 25th to address this. While the fix was welcome news, this gave commercial fishing businesses just days to apply for PPP funds before the June 30 deadline.
“We’ve seen the importance of the Paycheck Protection Program to countless small businesses in Alaska. During this unprecedented coronavirus pandemic, it has been helping them weather the storm,” said Senator Murkowski. “With last week’s fix to finally allow commercial fishing businesses to take full advantage of the program, this extension is absolutely necessary to give them the opportunity and time they need to apply. My hope is that the House quickly takes this legislation up so that we can give these small business owners, including our fisherman, the peace of mind they need.”
“The recent rule change enabling commercial fishermen to more fully access the Paycheck Protection Program was a big win for Alaska, but the narrow window of time left to apply—especially in the middle of fishing season for many—threatened to blunt the benefits,” said Senator Sullivan. “I thank my Senate colleagues for extending the PPP application deadline and, if this bill makes it past the House and the President’s desk, I urge all interested Alaska small businesses, including our hard-working fishermen, to apply quickly so they don’t miss out on the remaining PPP relief funds.”
Click here for more information on the Paycheck Protection Program.