The House of Representatives has approved the PPP Extension Act, which would extend the filing deadline for Paycheck Protection Program (PPP) applications by 60 days, the National Association of Home Builders (NAHB) reported.
The legislation also provides an additional 30 days for the U.S. Small Business Administration (SBA) to finish processing applications received by the new May 31 deadline.
Currently, the PPP is set to expire on March 31. The bill now goes to the Senate for approval.
The legislation was sponsored by House Small Business Committee Chair Nydia Velazquez (D-N.Y.), Ranking Member Blaine Luetkemeyer (R-Mo.) and committee members Carolyn Bourdeaux (D-Ga.) and Young Kim (R-Calif.). The bill was approved by an overwhelming 415-3 margin.
Prior to the House vote, the NAHB and other organizations signed a coalition letter urging the House and Senate to approve the legislation.
Companion legislation has been introduced in the Senate by Sens. Jeanne Shaheen (D-N.H.), Susan Collins (R-Maine) and Ben Cardin (D-Md.).
The full PPP Extension Act can be read here.