House Joins Senate In Approving 5-Week PPP Extension

With $129 Billion Still Unspent



The U.S. House of Representatives on Wednesday joined the Senate in passing by unanimous consent a five-week extension of the Paycheck Protection Program (PPP).

The bill now goes to President Donald Trump, who is expected to sign it.

The House’s approval came after the Senate approved an extension in a surprise move Tuesday night just a few hours before the PPP application window was scheduled to close.

The extension is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs.

The U.S. Small Business Administration (SBA), which oversees the program with the Treasury Department, stopped accepting loan applications at midnight Tuesday. The plan approved by the House and Senate would extend the application period until Aug. 8.

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Source: Journal Of Accountancy

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