March 17, 2021

House Extends Small-Business Rescue, With $93 Billion Still Left

Photographer: Andrew Harrer/Bloomberg Photographer: Andrew Harrer/Bloomberg The U.S. House approved a two-month extension of a…

Photographer: Andrew Harrer/Bloomberg

The U.S. House approved a two-month extension of a popular U.S. small-business rescue program that still has almost $93 billion left to distribute, giving companies until the end of May to apply for the forgivable loans.

The Paycheck Protection Program was initially set up a year ago as lockdowns stemming from the coronavirus paralyzed the American economy. Lawmakers expanded and extended it as the Covid-19 crisis continued.

The House voted 415-3 on a bill extending the PPP for two months from its current expiration date of March 31. The Senate is expected to also approve it, with Majority Leader Chuck Schumer saying Tuesday Democrats “want it to pass as quickly as possible.”