The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31.
Passage of the PPP extension came about one week after the House approved the bill, which will next go to President Joe Biden to sign. In addition to pushing back the deadline for applications by two months, the measure gives the Small Business Administration an additional 30 days to process loans.
The extension was met with support from lenders and small business groups alike.
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