The Paycheck Protection Program was set to end today; however, on Tuesday, the Senate unanimously voted to extend the program five more weeks. The deadline to apply has been extended to August 8.
Companies with fewer than 500 employees can still apply for the remaining $130 million in unspent PPP funds.
The extension of the program is good news for the trucking industry, as some analysts suggested that struggling trucking companies might not be able to survive without the program.
The Covid relief bills appear to have bipartisan support — top republicans and democrats have voiced their support of providing aid to small businesses.
It’s clear that our nation’s small businesses will still need support in the weeks and months to come. I’m pleased the Senate acted responsibly to keep #PPP open for #SmallBiz while we continue to negotiate the next relief pkg. https://t.co/24hUJkETve— Senator Ben Cardin (@SenatorCardin) July 1, 2020
Senators Rubio, Cardin, Shaheen and I will continue our bipartisan negotiations on a bill to allow especially hard-hit businesses to be eligible to receive a 2nd PPP loan. Approximately $130 billion in PPP funding remains available to assist small businesses and their employees.— Sen. Susan Collins (@SenatorCollins) July 1, 2020