Paycheck Protection Program Extended

On July 4, President Trump signed into law a bill to extend the $660 billion Paycheck Protection Program (PPP) lending program through August 8. The bill had been passed earlier in the week by the U.S. Senate and House of Representatives. More than $130 billion in funds remained unused in the PPP as of its June 30 expiration date. However, Congress left for the July 4 recess without completing the next COVID stimulus package. The House version called the Heroes Act was passed on May 15. The goal is to complete the bill in the Senate and pass it back to the House prior to the August recess which begins August 6. The two sides have not begun serious negotiations yet, so it is not guaranteed that they will be able to complete the package by then. The Senate will return from August recess September 8.