The House tonight approved by unanimous consent legislation extending authorization for the Small Business Administration’s Paycheck Protection Program through August 8, 2020. The bill would also decouple PPP authorization from the SBA’s 7(a) lending program, allowing regular 7(a) lending to continue once the PPP has reached its authorization cap. The Senate approved the extension last night, and the bill now moves to the president for signature.
ABA noted in a tweet following the bill’s passage that with the extension, “America’s banks can continue to support small business customers with this financial lifeline. We will work with Congress to ensure the program continues to meet the evolving needs of borrowers and lenders.”