Senate passes bill to extend PPP application deadline for small businesses

Andrew Cummings
July 2, 2020

The program was created to offer small business loans to bridge the shutdowns and help businesses keep employees in their jobs - and in turn, the loans taken out would be forgiven, essentially shifting into a grant.

For any businesses hoping to get any of the $130 billion in Paycheck Protection Program money that has yet to be spent, the 11:59 p.m. June 30 application deadline will continue to loom overhead. Ben Cardin, D-Md., and cleared the chamber by unanimous consent.

The Senate passed the extension on Tuesday, and the House vote sends the bill to President Trump's desk.

The House on Wednesday unanimously passed an extension to the $660 billion Paycheck Protection Program (PPP) less than a day after the program expired.

Struggling small businesses in ME are quickly running out of time to apply for a forgivable loan through the federal Paycheck Protection Program.

"The resources are there, the need is there, we just need to change the date", Sen.

Democrats have driven a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate.

The Democratic-led House would still need to act on the extension. At the end of the day, any unused funds in the PPP program will be held by the Treasury as lawmakers debate how best to use those remaining funds to help small businesses as lockdowns ease and the economy reopens.

That, along with the looming deadline, have spurred bipartisan negotiations about the next phase of the program and small business relief.

But it would keep the central federal lifeline to small businesses open as lawmakers seek agreement on next steps.

Mnuchin mentioned the possibility of extending the funding to businesses - like bars and restaurants - that have been hardest hit by the domestic outbreak.

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