Timeline PPP
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Paycheck Protection Program (PPP) Timeline
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Latest usage of PPP (bottom of page)Last updated on July 20, 2020
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DateActionLinks
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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
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CARES Act
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Fri, Apr 3, 2020- SBA begins operations for PPPYPFS blog post
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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
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Wed, Apr 15, 2020- SBA releases second FAQSecond FAQ
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Thu, Apr 16, 2020- PPP runs out of initial $349 billion in funding Washington Post Article
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Fri, Apr 17, 2020- SBA releases third FAQThird FAQ
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Mon, Apr 20, 2020- Treasury specifies that 75% must be spent on payroll to be eligible for loan forgivenessFed Register
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Thu, Apr 23, 2020- SBA releases fourth FAQFourth FAQ
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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
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PPPHCE Act
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Fifth FAQ
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YPFS blog post
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Sun, Apr 26, 2020- SBA releases sixth FAQSixth FAQ
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Mon, Apr 27, 2020- PPP begins operations again
- Slowed down technical application so it wouldn't crash
YPFS blog post
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Treasury Press Release
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PPPHCE Act
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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
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Seventh FAQ
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Treasury Press Release
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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
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Treasury Press Release
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Eighth FAQ
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Sun, May 3, 2020- SBA releases ninth FAQNinth FAQ
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Tue, May 5, 2020- SBA releases tenth FAQTenth FAQ
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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
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Fri, May 8, 2020- SBA OIG report on PPPOIG Report
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Wed, May 13, 2020- SBA releases twelfth FAQTwelfth FAQ
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Fri, May 15, 2020- Loan forgiveness application form releasedTreasury Press Release
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Mon, May 18, 2020- Congressional Oversight Commission releases first reportFirst COC Report
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Tue, May 19, 2020- SBA releases thirteenth FAQThirteenth FAQ
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Wed, May 27, 2020- SBA releases fourteenth FAQFourteenth FAQ
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Thu, May 28, 2020- $10 billion set aside from second round of PPP for Community Development Financial InstitutionsTreasury Press Release
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Mon, Jun 1, 2020- Interim final rule on requirements for loan forgivenessFederal Register
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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
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PPP Flexibility Act
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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
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Treasury Press Release
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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 amountFederal Register
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Wed, Jun 17, 2020- Released EZ forgiveness application for borrowers and modified standard forgiveness application SBA Press Release
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Thu, Jun 18, 2020- Congressional Oversight Commission releases second reportSecond COC Report
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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
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YPFS blog post
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SBA Press Release
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Tue, Jun 23, 2020- SBA will release data in loan-size rangesYPFS blog post
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Treasury press release
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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
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SBA & Treasury letter
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Tue, Jun 30, 2020- SBA's last day accepting new PPP applications from lendersSBA Notice
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Wed, Jul 1, 2020- Congress extends PPP for 5 weeks (up to August 8)PPP Extension Act
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YPFS blog post
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Mon, Jul 6, 2020- SBA and Treasury release PPP data
- SBA opens applications for PPP
Treasury press release
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SBA PPP overview
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Mon, Jul 20, 2020- Congressional Oversight Commission releases third reportThird COC Report
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