Federal Spotlight: Congress Approves Extension of the Paycheck Protection Program

July 2, 2020

This week, the Senate and House both passed legislation aimed at extending the timeframe in which businesses may apply for the Paycheck Protection Program (PPP). The program, which was a part of the CARES Act signed into law in March, allows for businesses to apply for forgivable loans to help cover the cost of payroll and other expenses including utilities and rent. The bill that was approved extends the timeframe businesses may apply from June 30 to August 8. According to CNBC, there is still $130 billion that can be distributed in the fund. President Trump is expected to sign the legislation very soon.