WASHINGTON – The Senate passed a surprise extension for the Paycheck Protection Program to August 8 by unanimous consent Tuesday night, just hours before it was set to close down.
The legislation would extend the deadline for when the PPP can accept applications for forgivable loans. The bill gives the Small Business Administration the authority to continue approving loans to businesses that apply.
More:Congress, administration in talks to revamp, extend pandemic rescue program for small businesses
However, the House of Representatives will need to pass the legislation, and send it to President Donald Trump for his signature to keep the money flowing. Both chambers of Congress are set to adjourn for recess by the week’s conclusion.
The massive loan program has helped keep millions of small businesses afloat during the coronavirus pandemic and already has disbursed more than $500 billion to roughly 4.8 million businesses, most of them mom-and-pop outfits such as nail salons and retail stores.
But there is still more than $130 billion left unallocated, and scores of hospitality businesses teetering on the brink of insolvency.
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