In a surprise move late Tuesday, the Senate unanimously agreed to extend PPP through Aug. 8. The extension still needs to be approved by the House.
The Paycheck Protection Program authorizes forgivable loans to small businesses across the United States.At the end of the day Tuesday, small business owners will be locked out of approximately $134 billion in Paycheck Protection Program funds and despite the midnight deadline to apply for a forgivable loan through the program.
“Chairman Rubio has reconvened the bipartisan small business task force to work towards an agreement on the next phase of support for small businesses. The bipartisan task force is currently working towards consensus on a final agreement on a deal,” Senate Small Business Committee Chairman Marco Rubio's office said in a statement to ABC News Monday.
Treasury Secretary Steven Mnuchin testified Tuesday that there’s bipartisan support to extend PPP and target it to the most hard-hit businesses. He said expects legislation by the end of July, which means there will be a lapse in the program from July 1 until it is passed. President Donald Trump is flanked by Small Business Administration Administrator Jovita Carranza, left, and Treasury Secretary Steven Mnuchin during a press briefing about the Paycheck Protection Program in the East Room of the White House, April 28, 2020.
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