Both branches of Congress this week passed emergency legislation extending the application deadline for the Paycheck Protection Program for another month plus. In a surprise move, the republican-led Senate initiated the extension when it passed a bill on Tuesday night postponing the June 30 deadline an additional five weeks until August 8. That move was quickly mirrored by the democrat-controlled House on Wednesday and the extension was then sent to the President’s desk. He is expected to sign it today. Collectively, the various coronavirus economic recovery acts Washington has enacted since the pandemic struck in March appropriate a total of $660 billion for the small business loan program. As the clock wound down on the application deadline however, approximately $120 billion of those funds were still available for small businesses to apply for. The PPP Flexibility Act, passed into law a month ago, made other changes to the formula for loan forgiveness that will be extremely helpful to eligible business, especially the restaurant industry. PPP loans are eligible to be forgiven so long as a minimum of 60% of the funds are expended to retain employees on the payroll or rehire furloughed workers. The funds may also be used for rent/mortgage payments or to cover utility costs and must be spent over the course of 24 weeks.