On Tuesday, June 30, 2020, the U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP).

The House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess.

The surprise move is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select costs.

The U.S. Small Business Administration (SBA), which oversees the program with the Treasury Department, stopped accepting loan applications at midnight Tuesday. The plan approved by the Senate on Tuesday night would extend the application period until Aug. 8, 2020.

As of 5 p.m. ET on Tuesday, June 30, 2020, the SBA had approved nearly 4.9 million loans for a total of more than $520 billion.

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