On July 1st, the House of Representatives gave their stamp of approval to the Senate-backed legislation to prolong the deadline for small businesses impacted by the pandemic to apply for loans under the Paycheck Protection Program. Both the Senate and the House signed off on the piece of legislation by unanimous agreement, clearing the way for President Trump’s signature.
S. 4116 will extend the ability of the U.S. Small Business Administration (SBA) to sign off on PPP loans through August 8, 2020. Furthermore, the legislation amplifies that previously appropriated quantities cleared for other loans under section 7(a) of the Small Business Act are allowed to continue.
“When Congress passed the CARES Act in March, we thought that small businesses would be operational by the end of June, but it is now clear that our nation’s small businesses will still need support in the weeks and months to come,” Senator Ben Cardin declared, who introduced the bill.
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