In a unanimous late-night vote, the Senate approved a measure to extend the deadline for Paycheck Protection Program applications to August 8. The program was set to expire at midnight on June 30.
The bill must still be approved by the House of Representatives and signed by the president. However, the vote gives the Small Business Administration (SBA) clearance to continue accepting applications in the interim.
The PPP has helped millions of businesses make ends meet in the face of COVID-19-related revenue losses. Despite the June 30 deadline, over $130 billion in funds was still available under the program. As discussion was initially aimed at redirecting PPP funds, the vote is considered a surprise move by many. With many businesses still struggling, however, extending the PPP deadline avoids an interruption in the program.
Our COVID-19 Resources team is tracking this legislation closely. We’ll keep you informed of developments on this and other pandemic-related developments.
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