In somewhat of a surprise move taken late on Tuesday, June 30, 2020, the originally scheduled expiration date for the Paycheck Protection Program (PPP), the Senate unanimously passed a bill that would provide for a five-week extension of the program. The House of Representatives has yet to take action and may not do so before its recess begins tomorrow. As of June 30, 2020, more than $130 billion remained available in the $310 billion “Round Two” of the program, a big departure from the $349 billion “Round One,” which was exhausted in a quick 13 days. These funds could have been loaned to businesses suffering as a result of the pandemic but for the program’s scheduled expiration on June 30. If the House passes a similar measure and the President signs the bill, the PPP loan program will be extended through August 8, 2020.
It has been reported that there is support for the extension in the House, as reflected in comments from representatives connected with House Republican Leader Kevin McCarthy and Steve Chabot, Ranking Member of the House Small Business Committee. There have also been reports that the House will pass the extension by unanimous consent tonight, before their recess begins. We will provide additional updates with new information about the extension as such information becomes known.