US Congress extends the Paycheck Protection Program

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The House of Representatives passed a bill extending the application period of the Paycheck Protection Program on Wednesday.

The bill extending the program unanimously passed the Senate on Tuesday and has been sent to the President. The Senate vote came hours before the original application deadline expired on Tuesday. If the President signs the bill, the application period will be extended until August 8.

The Paycheck Protection Program provides small businesses with loans that can be forgiven if most of the money is used to pay employees forced to stay home during the pandemic. Since its inception, the program has been plagued with issues, due to technical issues changing rules. As of Tuesday, some money remained in the fund, likely due to difficulty with implementation dissuading some eligible business from filing applications.

Congress is currently debating what further actions might be necessary due to the economic impact of the pandemic. It is uncertain what shape those actions will take, if they happen at all.

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