The legislation extends the deadline to apply for forgivable Paycheck Protection Program loans to Aug. 8.
The House votes to extend the deadline to apply for forgivable Paycheck Protection Program loans during the coronavirus pandemic, sending the bill to President Donald Trump.The program is designed to help small businesses keep employees on payroll during closures designed to slow the pandemic's spread.
The legislation, which the Senate already approved, extends the deadline to request Paycheck Protection Program loans to Aug. 8 from June 30. The measure, passed in a unanimous vote, heads to PresidentCongress created the program as part of the $2 trillion pandemic rescue package passed in March. It aims to help small businesses keep employees on payroll during closures designed to slow the outbreak.
Congress first put $349 billion into the PPP, but the money quickly evaporated. It then injected another $310 billion into the program, with $60 billion set aside for small lenders in response to concerns that companies with no existing banking relationship had trouble getting loans.
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