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PPP Extension Passes Congress

This week, the U.S. Senate and the House of Representatives extended the Paycheck Protection Program to August 8 just before it was set to expire.
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This week, in a surprising move, the U.S. Senate and the House of Representatives passed a bipartisan extension of the Paycheck Protection Program (PPP) just before it was set to expire with around $130 billion in funds still available for businesses.

The legislation, led by Sen. Ben Cardin (D-Maryland), would extend the PPP to Aug. 8 and unanimously passed the U.S. Senate on Tuesday and the U.S. House on Wednesday. As of press time, President Trump is expected to sign the legislation into law.

Passage of the legislation comes two weeks after the U.S. Department of Treasury and the Small Business Administration (SBA) issued a new EZ loan forgiveness application, as well as a revised full forgiveness application for PPP loans.

As PPP and other COVID-19-related relief efforts progress, the Big “I” will make the most up-to-date government affairs information available on the coronavirus resource page and in the weekly News & Views e-newsletter.

Joseph Cortina is Big “I” director, federal government affairs.