Last night the Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) just a few hours before the application window on the program was scheduled to close.
The House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess.
There is approximately $129 billion in PPP funds remaining.
The U.S. Small Business Administration (SBA), which oversees the program with the Treasury Department, stopped accepting loan applications at midnight Tuesday. The plan approved by the Senate on Tuesday night would extend the application period until Aug. 8.
We hope you found the above helpful. And again, we are available if you have questions, concerns or need assistance.