House Approves PPP Extension

July 2, 2020

On Wednesday evening, July 1, the House unanimously approved Senate-passed legislation, S. 4116, to extend the deadline to apply for Paycheck Protection Program (PPP) loans to Aug. 8. The program officially expired June 30, however, following House approval, President Trump is expected to sign the bill into law soon.

The PPP has $130 billion remaining in its coffers which could provide substantial aid to small businesses in the coming months. As of June 30, the SBA had approved $520.6 billion via nearly 4.9 million loans.

According to a forthcoming NSBA survey, just one-third of small businesses are very confident they will fully recover from the pandemic and economic downturn, and 75 percent anticipate a flat or recessionary economy in the coming 12 months. Extending the PPP could be critical as states are pausing or delaying re-opening plans amid spikes in coronavirus cases.