On July 4, the President signed S. 4116, which extends the Paycheck Protection Program loan application period to August 8. Previously, the application deadline for PPP loans was June 30. Congress passed S. 4116 unanimously during the week of June 29. No policy changes were made to the loans, including application and loan forgiveness processes. 

LeadingAge members who have not yet applied for a PPP loan but wish to do so have until August 8 to apply. About $134 billion remain available to borrow. 

As of June 27, close to 4.8 million PPP loans have been issued, with an average loan amount of about $108,000. Organizations in the "Health Care and Social Assistance" sector, which includes most not-for-profit aging services providers, have received almost 500,000 loans totaling more than $67 billion, or about 13% of lent PPP funds. The average loan to this sector is about $135,000. 

LeadingAge members who already have or who are considering applying for a PPP loan are encouraged to review the resources LeadingAge created at www.leadingage.org/covid19.