Congress approves PPP extension for small businesses for two months.

riscpa

 

Congress approves PPP extension for small businesses for two months.

The Senate approved an extension to the PPP loan program on Thursday by an overwhelming majority 92-7; only 60 votes were needed. The House previously approved the extension earlier in March by a vote of 415-to-3. The deal includes a two-month extension of the Paycheck Protection Program, the federal loan program for small businesses and gives the US Small Business Administration and an additional 30 days to process loans. The move changes the deadline for the program from March 31st to May 31st.

The bi-partisan extension gives lenders and small businesses additional time to request funds and understand the changes made to the program which launched in February. President Biden is expected to sign the bill quickly. 

Back to News