Congress approved and President Joe Biden signed legislation extending the Paycheck Protection Program through May 31, a week after the House approved the same extension. The PPP was reauthorized at $284 billion earlier this year and was scheduled to expire March 31.

The bill also gives the Small Business Administration until June 30 to process backlogged PPP loan applications.

Credit unions made more than 204,000 Paycheck Protection Program (PPP) loans totaling $9.7 billion, averaging $47,624 each through the program's first round.

CUNA has called on Congress to extend the PPP through Dec. 31.