House Passes Legislation for PPP Extension

House Passes Legislation for PPP Extension

The Senate is set to vote on a bill the House passed last week (H.R. 1799) to extend the March 31 deadline to apply for Paycheck Protection Program (PPP) loans for an additional two months.

March 7 nearly $120 billion in PPP funding remained, but under current law, March 31 is the final day for the SBA to approve financing for PPP loans. Additionally, SBA has reportedly only processed approximately 36% of loan forgiveness applications, which means some applicants currently waiting for the second round of funding may not receive it before the program closes.

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