Washington, D.C.— Today, the U.S. House of Representatives passed legislation approved already in the Senate to extend the Small Business Administration’s (SBA) authority to approve Paycheck Protection Program (PPP) loans through August 8, 2020.
“As the Trump Administration’s piecemeal response to the COVID-19 pandemic continues to jeopardize public health and economic recovery, small businesses will now be granted additional time to apply for a PPP loan, a crucial step towards helping more Main Streets across America rebuild and find a path to recovery,” said House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY). “While extending the program will give additional eligible businesses the opportunity to apply, it is imperative that the Administration take overdue steps to repair its botched PPP rollout. This includes providing Congress with the data on loan applicants that we have repeatedly requested, clarifying confusing guidance for borrowers, and ensuring that resources are reaching America’s truly small and underserved businesses.”
