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The Paycheck Protection Program, initially passed at the beginning of the coronavirus pandemic, has been approved for a 5 week extension.

PPP deadline extension approved by Congress

If signed by President Trump, businesses can apply for loans through Aug. 8

The House reportedly voted unanimously Wednesday to pass a Senate bill extending the Paycheck Protection Program, or PPP, through August 8.

The bill, which now goes to the President for signature, keeps the program intact but extends the window for loan applications for another five weeks. The application deadline was June 30 and the Small Business Administration had stopped accepting requests.

As of Tuesday, the SBA had approved 4.9 million loans totaling $520.6 billion, leaving more than $130 billion still available. Once the bill is signed by the President, the SBA is expected to begin accepting loan applications again.

Congress appropriated $660 billion in two tranches for the forgivable loan program as part of the $2 trillion coronavirus relief package passed initially in March.

In June, the Paycheck Protection Flexibility Act was approved to give business more time to rehire workers and allow more funding for non-payroll expenses.

Contact Lisa Jennings at lisa.jennings@informa.com

Follow her on Twitter: @livetodineout

 

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