House passes bill to extend Paycheck Protection Program through June
The House last night voted 415-3 to approve legislation () that would extend the Paycheck Protection Program through June 30, with applications accepted through May 31. Reps. Blaine Luetkemeyer, R-Mo., Nydia Velázquez, D-N.Y., Young Kim, R-Calif., and Carolyn Bourdeaux, D-Ga., sponsored the bill.
The Coronavirus Aid, Relief, and Economic Security Act created the program to provide forgivable loans to help eligible small businesses keep workers on the payroll during the COVID-19 emergency. Without congressional action, the program is set to expire March 31.
The American Rescue Plan Act, signed into law last week, provides an additional $7.25 billion for the program and clarifies affiliation rules so that 501(c)(3) organizations that employ 500 or fewer employees per physical location are eligible to participate.