• CARES Act Update—Extension of PPP Deadline
• Weekly Updates to Participants

CARES Act Update—Extension of PPP Deadline

Late on June 30, 2020—the final day for businesses to apply for forgivable loans under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief and Economic Security Act (CARES Act)—the Senate approved a bill (S. 4116) to extend the authorization period for applying for PPP loans through August 8, 2020. On July 1, the House approved S. 4116 before finishing up its business. The bill now goes to President Trump for signature; he is expected to sign it into law.

The deadline extension to August 8 is for new borrowers, i.e., businesses that have not previously received a PPP loan. For UMC employers and others that may have been considering applying for a PPP loan but did not, the extension (if signed into law, as expected) provides additional time to apply for a PPP loan. It would not permit a second PPP loan for employers that already received a PPP loan.

According to Department of Treasury Secretary Steven Mnuchin in testimony in the House on June 30, there is approximately $130 billion in funding still available for PPP loans to qualified small businesses.

Wespath and GCFA earlier created this Guidance for PPP borrower application form to assist UMC employers through the PPP application process (note that deadlines have not been updated).

Wespath continues to monitor activities related to the CARES Act, to keep our stakeholders informed. Please direct any CARES Act questions you may have to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

Weekly Updates to Participants

This week's participant e-blast communication was sent yesterday, July 1. In this issue, we notified participants that we will be sending these emails less frequently beginning with the next issue (scheduled for 7/15); we shared IRS guidance related to the Coronavirus Aid, Relief and Economic Security Act (CARES Act), including required minimum distributions (RMDs), rollovers and an expanded definition of “qualified individuals”; and we said goodbye to retiring clergy while providing a reminder to clergy in new appointments to update their contact information and check that they are still contributing to their retirement plans. Click here to view the version sent to clergy; click here to view the version sent to all other participants.

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