House and Senate Vote to Extend the PPP Application Period

Did you miss out on filing for a Paycheck Protection Program (PPP) Loan? The PPP program provides forgivable loans for small businesses.

These loans are a great tool for helping to ensure that you can make payroll during these difficult times, and if you spend them as required by the statute, then they can be forgiven (you don’t need to pay them back).

The application period ended yesterday (Tuesday), but there is still about 130 million dollars in the account that Congress set aside for the program. With this money still untapped, The Senate passed a bill (S. 4116) last night that would extend the application period for another five weeks, and the House followed-up by passing the same bill this evening..

This extension is not yet law; it still needs to be signed by the President, but there is no reason to believe the President would veto this bill.

Quick Answers

Is My Business a Small Business?

These loans are for small businesses, so knowing whether your company is a small business is important.  Size thresholds are based on your North American Industry Classification System (NAICS) Code.  For most manufacturers, the small business size threshold is based on employee count.  Here are some common aircraft parts manufacturing NAICS Codes (covering both PMA and TSOA) and their size thresholds:

If your employee count is below the SBA size thresholds then you should qualify as a small business.

Want to know more about the PPP?

For more information, check out my PPP Frequently Asked Questions article.