House and Senate approve bill extending Pay Check Protection Program

House and Senate approve bill extending Pay Check Protection Program

  • Post published:July 2, 2020
  • Post category:News

On Tuesday lawmakers in the Senate approved a bill to extend the Paycheck Protection Program and the House followed suit the next day, less than 24 hours after the program had expired. The Paycheck Protection Program (PPP) is designed to incentivize companies with fewer than 500 employees to keep staff despite difficult economic conditions that have resulted from the coronavirus pandemic. The program has proved to be a lifeline for some businesses still shuttered by the effects of the coronavirus lockdowns. And with $135 billion left over in unclaimed funds from the PPP that had not been lent to small business owners, the program had limited funds to continue operating. 

On Wednesday the House passed a $660 billion extension to the program that will continue to fund the small business coronavirus relief effort. The legislation will now be sent to President Trump who is expected to approve the bill. For more information click HERE.