Congress Approves Paycheck Protection Program (PPP) Extension
On Tuesday, the Senate unanimously passed legislation that would extend the PPP until August 8. This legislation came just before the Small Business Administration stopped accepting loan applications at midnight on Tuesday. Yesterday, the House of Representatives also unanimously passed the extension. The measure will now go to President Donald Trump's desk for his signature. If signed into law, the extension would give more businesses an opportunity to apply for the approximately $130 billion in unspent PPP funding. Read more from CNN.
July 15 Federal Filing Deadline Stands
The Treasury and IRS announced on Monday that the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until October 15. Taxpayers filing Form 1040 series returns must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by July 15 to obtain the automatic extension. Read the full news release here, including a review of payment options.