WASHINGTON—The federal Paycheck Protection Program lifeline for small businesses might be getting a bit longer.
The U.S. Senate approved an extension of the PPP program, a move that would allow small businesses to apply for funding through Aug. 8. The House must also approve the extension.
The PPP deadline was June 30, and there is a reported $130 billion remaining in coffers.
PPP was created earlier this year as part of a federal economic stimulus package in response to the chaos created by COVID-19. The program gives companies forgivable loans if they spend money on employee salaries and other business-associated costs.
"The Paycheck Protection Program provided a critical lifeline to more than 4.8 million small businesses," said U.S. Sen. Marco Rubio (R-Fla.), chairman of the Senate Committee on Small Business and Entrepreneurship. "As the scope of the financial damage done to small businesses by the pandemic and resulting lockdowns has grown, it has become clear that longer-term support is necessary."