The U.S. Senate unanimously passed a five-week extension of the Paycheck Protection Program (PPP) on June 30, 2020, only a few hours before the application window on the program was scheduled to close.
The House of Representatives still has to pass the measure and President Donald Trump would have to sign it before the extension can take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess.
The U.S. Small Business Administration (SBA), which oversees the program with the Treasury Department, stopped accepting loan applications at midnight June 30th. The extension approved by the Senate would extend the application period until Aug. 8, providing more time for small businesses to apply for the approximately $129 billion remaining in PPP funding.
As of 5 p.m. ET on June 30th, the SBA had approved nearly 4.9 million loans for a total of more than $520 billion.