WASHINGTON, D.C. (July 2, 2020)— The Senate cleared legislation to extend the deadline for businesses to apply for coronavirus aid under the Paycheck Protection Program (PPP), hours before the aid package was set to expire.
The bill passed with unanimous consent, and extends the deadline for applying for PPP loans to Aug. 8, 2020.
There's approximately $130 billion in unspent money under the Paycheck Protection Program, which has prompted a discussion among lawmakers about what to do with the funds.
Sen. Susan Collins (R-Maine), who helped negotiate the initial small-business sections of the March coronavirus bill, said that extending the deadline would ensure "we don't see an interruption in this program" while Congress negotiates another coronavirus relief bill.
Lawmakers are eyeing another relief bill next month, and Sen. Ben Cardin (D-Maryland) of the Senate Small Business Committee, said extending the application period will delay the deadline until the Senate takes its August recess.
"The resources are there," he said. "The need is there. We just need to change the date."
The House passed a similar measure Wednesday evening, sending the bill to President Trump for his signature.
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