The Senate passed legislation to extend the Paycheck Protection Program (PPP) loan application deadline from March 31 to May 31, the National Lumber and Building Material Dealers Association (NLBMDA) reported.
The House first passed the extension last week and it now goes to President Biden for signature.
The bill gives the Small Business Administration (SBA) authority to continue processing pending applications for 30 days after May 31.
The NLBMDA said that recent reports indicate that the PPP could run out of funding later thing spring. The association is encouraging members to complete their applications as soon as possible.
To apply for a PPP loan, visit the SBA PPP website.