The House passed legislation to extend the Paycheck Protection Program application deadline until Aug. 8, sending it to President Donald Trump to be signed into law. The House vote came hours after the SBA stopped accepting PPP applications.
The SBA has approved $520.6 billion in PPP loans through Tuesday evening, leaving the program with some $130 billion in remaining funds.
The bill, which passed the Senate on Tuesday, also would decouple the PPP reauthorization from the SBA's 7(a) program to avoid shutting it down when the PPP expires.
With the extension of the program into August designed to provide Congress time to pass another economic relief package, community bankers can continue using ICBA's Be Heard grassroots action center to recommend reforms to include in the next relief bill.