House approves bill to extend PPP loans to May 31; Senate expected to approve soon

The industry got some good news last week, when the House of Representatives voted to extend the Paycheck Protection Program for two months.

The PPP Extension Act of 2021 passed the House March 16 on a 415-3 vote. The bill extends the program to May 31, instead of the current date of March 31, and give the Small Business Administration an additional 30 days to process loans.

The bill is awaiting action in the Senate, where it is expected to be approved.