Senate OKs Extension to PPP

July 1, 2020

Senate Oks Extension to PPP

Late Tuesday evening, June 30, the Senate approved 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 the House is expected take up companion legislation today prior to their July 4th recess. The PPP has $130 billion remaining in its coffers which could provide substantial aid to small businesses in the coming months.

Among the bipartisan Senators championing the extension were Marco Rubio (R-Fla.), Ben Cardin (D-Md.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Chris Coons (D-Del.), Jacky Rosen (D-Nev.) and Susan Collins (R-Maine)

NSBA has praised the Senators’ leadership in finding a last-minute agreement to extend the program and is hopeful the House will follow suit. As of June 30, the SBA had approved $520.6 billion via nearly 4.9 million loans. Senate negotiators selected Aug. 8 because that is the last day of the Senate’s next work period and debate continues about a possible next stimulus.

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.