Senate passes extension of application deadline for PPP small-business loans

On Tuesday, the Senate passed legislation that extends the deadline for businesses to apply for coronavirus aid under the Paycheck Protection Program (PPP), that was set to expire at the end of June. The bill, which passed by unanimous consent, moves the deadline for applying for PPP loans (which go to businesses with fewer than 500 employees) until Aug. 8. Under the Paycheck Protection Program there is around $130 billion in unspent money waiting to be issued to small business across the county. There is discussion by Senators that if the money goes unused, that it could be reallocated in another round of a potential coronavirus relief bill that could be voted on next month.

The next step is for the House of Representatives to pass the legislation, and send it to the President for his signature to keep the money flowing.

The early mistakes of the loan program have been cleaned up thus helping millions of small businesses stay afloat during the coronavirus pandemic. So far the program has disbursed more than $500 billion to nearly 4.8 million businesses, including mom-and-pop outfits, small local retailers, and a variety other small businesses.

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