Senate approves Paycheck Protection Program extension

With hours to go before the Paycheck Protection Program was scheduled to stop accepting applications from businesses seeking federal loans to stay afloat through the COVID-19 pandemic, the U.S. Senate unanimously approved extending the application period until Aug. 8 late on Tuesday night.

The legislation approving the extension will next go to the House of Representatives before moving to the White House for the president’s signature. As the New York Times noted, members of both chambers are expected to leave Washington for the upcoming Fourth of July weekend and are not scheduled to return for two weeks.

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