By a vote of 415 to 13 last night, the House passed an American Bankers Association-supported bill that would extend the Small Business Administration’s Paycheck Protection Program application deadline from March 31 to May 31. The bipartisan bill—which was introduced in the House by Reps. Nydia Velasquez (D-N.Y.) and Blaine Luetkemeyer (R-Mo.)—would also give SBA an additional 30 days to process loan applications received by the new deadline before the program ends on June 30.
A companion bill has also been introduced in the Senate by Sens. Ben Cardin (D-Md.), Jeanne Shaheen (D-N.H.) and Susan Collins (R-Maine).