PCI Compliance Deadline

I am working on my PCI Compliance but unfortunately have not been able to resolve all threats yet and am down to around 7 level 3 threats and no level 4 or level 5 threats.
If I am correct the deadline for this is July 1st. is that correct?
What happens if I’m not PCI Compliant by then?
Is there any way you can get an extension if you can show that you’re working on becoming compliant?
If not, is your ability to process credit cards simply turned off on July 1st?