House Passes PPP Extension, Heads to President's Desk
The House followed the U.S. Senate's lead and passed an extension to the Paycheck Protection Program, voting by unanimous consent to move the application deadline for the small business relief program to Aug. 8.
The PPP had more than $130 billion on hand when its original deadline passed last night. The program, which has seen its share of controversy, has thus far funded potentially forgivable loans worth more than $520 billion to more than 4.8 million small businesses in an effort to help them stay afloat in the economic downturn caused by the coronavirus pandemic.
The measure now heads to the president's desk. The administration has been supportive of the PPP, but President Trump has not yet indicated whether he plans to sign this bill into law.
House Small Business Committee Chairwoman Nydia Velazquez, a New York Democrat and central negotiator on the program, said she has been pushing the Trump administration for long-sought loan-level details because it's needed to determine whether the PPP has been successful.
The White House has said the data will be provided by the end of this week.