| A | B | C | |
|---|---|---|---|
1 | Paycheck Protection Program (PPP) Timeline | ||
2 | Latest usage of PPP (bottom of page) Treasury webpage on PPP | Last updated on January 19, 2021 | |
3 | Date | Action | Links |
4 | Fri, Mar 27, 2020 | - Signed into law - CARES Act sections 1102 and 1106 - $349 billion in forgivable loans (effectively grants) - For small businesses w/less than 500 employees | YPFS blog post |
5 | CARES Act | ||
6 | Fri, Apr 3, 2020 | - SBA begins operations for PPP | YPFS blog post |
7 | Mon, Apr 13, 2020 | - SBA allows nonbank lenders and noninsured depository institutions to lend to small businesses under PPP - SBA releases first FAQ | First FAQ |
8 | Wed, Apr 15, 2020 | - SBA releases second FAQ | Second FAQ |
9 | Thu, Apr 16, 2020 | - PPP runs out of initial $349 billion in funding | Washington Post Article |
10 | Fri, Apr 17, 2020 | - SBA releases third FAQ | Third FAQ |
11 | Mon, Apr 20, 2020 | - Treasury specifies that 75% must be spent on payroll to be eligible for loan forgiveness | Fed Register |
12 | Thu, Apr 23, 2020 | - SBA releases fourth FAQ | Fourth FAQ |
13 | Fri, Apr 24, 2020 | - PPP expansion becomes law - Additional $310 billion in funding - Brings total to $659 billion - $10 billion set aside each for smallest lenders and medium lenders - SBA releases fifth FAQ - Announced that businesses who repay by May 7 will not be punished (after complaints that big businesses like Shake Shack had gotten PPP) | YPFS blog post |
14 | PPPHCE Act | ||
15 | Fifth FAQ | ||
16 | YPFS blog post | ||
17 | Sun, Apr 26, 2020 | - SBA releases sixth FAQ | Sixth FAQ |
18 | Mon, Apr 27, 2020 | - PPP begins operations again - Slowed down technical application so it wouldn't crash | YPFS blog post |
19 | Treasury Press Release | ||
20 | PPPHCE Act | ||
21 | Tue, Apr 28, 2020 | - Hedge funds and private equity funds explicitly prohibited from PPP - SBA releases seventh FAQ - Announced that all PPP loans over $2 million will be reviewed | YPFS blog post |
22 | Seventh FAQ | ||
23 | Treasury Press Release | ||
24 | Wed, Apr 29, 2020 | - From 4pm to 11:59pm ET only accepted applications from lenders with less than $1 billion in assets - SBA releases eighth FAQ | YPFS blog post |
25 | Treasury Press Release | ||
26 | Eighth FAQ | ||
27 | Sun, May 3, 2020 | - SBA releases ninth FAQ | Ninth FAQ |
28 | Tue, May 5, 2020 | - SBA releases tenth FAQ | Tenth FAQ |
29 | Wed, May 6, 2020 | - May 7 deadline extended to May 14 for big businesses to repay PPP without punishment (safe harbor) - SBA releases eleventh FAQ | Eleventh FAQ |
30 | Fri, May 8, 2020 | - SBA OIG report on PPP | OIG Report |
31 | Wed, May 13, 2020 | - SBA releases twelfth FAQ | Twelfth FAQ |
32 | Fri, May 15, 2020 | - Loan forgiveness application form released | Treasury Press Release |
33 | Mon, May 18, 2020 | - Congressional Oversight Commission releases first report | First COC Report |
34 | Tue, May 19, 2020 | - SBA releases thirteenth FAQ | Thirteenth FAQ |
35 | Wed, May 27, 2020 | - SBA releases fourteenth FAQ | Fourteenth FAQ |
36 | Thu, May 28, 2020 | - $10 billion set aside from second round of PPP for Community Development Financial Institutions | Treasury Press Release |
37 | Mon, Jun 1, 2020 | - Interim final rule on requirements for loan forgiveness | Federal Register |
38 | Fri, Jun 5, 2020 | - PPP Flexibility Act becomes law - Reduces amount that must be spent on payroll to be eligible for full forgiveness from 75% to 60% - Extends timeframe within which businesses must use funds from 8 weeks to 24 weeks | YPFS blog post |
39 | PPP Flexibility Act | ||
40 | Mon, Jun 8, 2020 | - Introduces proportional decrease in amount forgiven if less than 60% spent on payroll (previously dropped to nothing forgiven if threshold not reached) | YPFS blog post |
41 | Treasury Press Release | ||
42 | Tue, Jun 16, 2020 | - Interim rule update to clarify that borrowers that can demonstrate that they cannot rehire employees or similarly qualified individuals because of health guidance will not be penalized with a reduction in the forgiveness amount | Federal Register |
43 | Wed, Jun 17, 2020 | - Released EZ forgiveness application for borrowers and modified standard forgiveness application | SBA Press Release |
44 | Thu, Jun 18, 2020 | - Congressional Oversight Commission releases second report | Second COC Report |
45 | Fri, Jun 19, 2020 | - SBA/Treasury announce that they will disclose PPP recipients - SBA announces that it will reinstate its Lender Match tool for borrowers, which it had paused because of the CARES Act. It will match borrowers with CDFIs, MDIs, CDCs, and other small lenders. | Treasury Press Release |
46 | YPFS blog post | ||
47 | SBA Press Release | ||
48 | Tue, Jun 23, 2020 | - SBA will release data in loan-size ranges | YPFS blog post |
49 | Treasury press release | ||
50 | Thu, Jun 25, 2020 | - Government Accountability Office releases report, "Opportunities to Improve Federal Response and Recovery Efforts" - Treasury and SBA agree to release all PPP data to Congressional committees | GAO Report |
51 | SBA & Treasury letter | ||
52 | Tue, Jun 30, 2020 | - SBA's last day accepting new PPP applications from lenders | SBA Notice |
53 | Wed, Jul 1, 2020 | - Congress extends PPP for 5 weeks (up to August 8) | PPP Extension Act |
54 | YPFS blog post | ||
55 | Mon, Jul 6, 2020 | - SBA and Treasury release PPP data - SBA opens applications for PPP | Treasury press release |
56 | SBA PPP overview | ||
57 | Mon, Jul 20, 2020 | - Congressional Oversight Commission releases third report | Third COC Report |
58 | Sat, Aug 8, 2020 | - SBA stops accepting new PPP applications from lenders | SBA PPP overview |
59 | Mon, Aug 10, 2020 | - SBA opened portal for loan forgiveness applications to be submitted | Mass Live Article |
60 | Mon, Aug 24, 2020 | - SBA and Treasury release Interim Final Rule to clarify rules for loan forgiveness of nonpayroll costs and owner-employee compensation | SBA Interim Final Rule |
61 | Fri, Oct 2, 2020 | - SBA released Procedural Notice about the required procedures for changes of ownership for a firm that received a PPP loan | SBA Procedural Notice |
62 | Thu, Oct 8, 2020 | - SBA and Treasury release interim final rule easing forgiveness process for loans of $50,000 or less | Interim Final Rule |
63 | Fri, Oct 16, 2020 | - Select Subcommittee on the Coronavirus Crisis released a report regarding the Treasury's guidance to banks to limit the PPP to existing customers | Subcommittee Report |
64 | Wed, Nov 18, 2020 | - Treasury and IRS issue guidance regarding deductibility of expenses for PPP loans - For loans that had not yet been forgiven by year end, the expenses would not be tax deductible | Treasury press release |
65 | Wed, Dec 9, 2020 | - Treasury releases updated FAQ document | Updated FAQs |
66 | Tue, Dec 22, 2020 | - Congress passes omnibus spending bill that restarts the PPP, the "second draw PPP" through March 31, 2021 - SBA required to restart within 10 days | HR 133 Summary |
67 | Wed, Jan 6, 2021 | - SBA and Treasury release two interim final rules - one on the PPP as amended by the Economic Aid Act and the other on the second draw loans (these rules then published in Federal Register on Jan 14) | Interim Final Rule on PPP Interim Final Rule on Second Draw |
68 | Fri, Jan 8, 2021 | - Treasury and SBA announce re-opening date for PPP | Press Release |
69 | Mon, Jan 11, 2021 | - PPP reopens for first draw PPP loans but is only accepting loan applications from community financial institutions | First Draw Overview |
70 | Wed, Jan 13, 2021 | - PPP opens second draw PPP loans for applications, but is only accepting applications from community financial institutions | Second Draw Overview |