The U.S. Senate today passed H.R. 1799—a bill to extend the Paycheck Protection Program (PPP) through June 30, 2021.
The PPP—as administered by the Small Business Administration (SBA)—is scheduled to expire on March 31, 2021.
H.R. 1799 [PDF 225 KB] also provides that for the final 30 days of the PPP (from June 1 through June 30, 2021), the SBA could only process applications submitted before June 1, 2021, and could not accept any new loan applications.
The PPP is a program providing financial support lending for small and large businesses pursuant to measures originally included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. L. No. 116-136). Additional measures concerning the program were enacted under the Consolidated Appropriations Act, 2021 (Pub. L. No. 116-260) (the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is one of the titles of the legislation enacted December 27, 2020). That legislation effectively opened up the availability for a “second draw” for PPP loans.
The House of Representatives passed H.R. 1799 on March 16, 2021. Accordingly, with today’s action by the Senate, the bill will be enrolled and then sent to the White House for action by the president.
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