The House and Senate passed a bill that would extend the deadline for applying for Paycheck Protection Program (PPP) loans. President Donald Trump signed the bill in early July.
The bill, introduced by Senate Small Business Committee Ranking Member Sen. Ben Cardin (D-Md.), would extend the deadline for applying for PPP loans to Aug. 8.
Though the PPP still has approximately $130 billion in unspent funds, the program expired June 30 at midnight.
Credit unions are strong supporters of the PPP, but CUNA has engaged with Congress, the Treasury and Small Business Association with concerns about the program, including on the need for guidance on several matters and lender liability protection.