Senate Approves Extending PPP Coronavirus Relief Lending Until August

TOPLINE

Hours before the Paycheck Protection Program was set to expire, the Senate on Tuesday agreed by unanimous consent to extend the coronavirus relief program until Aug. 8, which would give small businesses more time to apply for the $134 million in funds still available.

KEY FACTS

Key background

The PPP, which was signed into law by President Donald Trump as part of the CARES Act at the end of March, got off to a rocky start with technical glitches and criticism that large public companies were getting funds intended for small businesses. But experts say the program may have helped power the surprise net gain of 2.5 million jobs in May when forecasters were expecting the loss of 9 million. 

What’s next

The SBA is expected to release the names of most PPP loan recipients this week following pressure from Congress for more transparency, but the agency said it would only release information on businesses that got more than $150,000.

Further reading

Trump Administration Will Disclose Most Businesses That Got PPP Coronavirus Relief Loans—But Not All Of Them (Forbes)

Full coverage and live updates on the Coronavirus