The extension permits eligible businesses to continue to apply for PPP loans through August 8, 2020, but does not permit existing PPP borrowers to apply for new loans or increase their borrowings under existing loans.

This action will allow the Senate to continue working on legislation to make further changes to the PPP to provide additional relief to businesses still struggling as a result of the pandemic. The Senate is expected to consider such legislation when it resumes session after the July Fourth holiday on a fourth coronavirus relief package to be reconciled with the House-passed HEROES Act. The HEROES Act makes changes to the PPP to improve the loan terms and expand the list of eligible borrowers.