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The Senate passed legislation by unanimous consent Tuesday night extending the application period for the Paycheck Protection Program through August 8, just hours before the federal loan program was set to expire. 

Yes, but: The House still needs to pass the Senate version of the relief bill, and President Trump will need to sign off. Prospects for either are uncertain. Approximately $130 billion in PPP funding remains available.

Why it matters: The extension comes as chunks of the U.S. economy are again having to close down to try to contain the COVID-19 pandemic, threatening to reverse economic progress of the past month and deepen the recession.

Treasury Secretary Steve Mnuchin said Tuesday that remaining PPP funds should go to the hardest-hit industries, including "restaurants and hotels," and noted that additional stimulus money will be necessary.

Senate passes PPP extension through August

The House still needs to pass the Senate version of the bill, and Trump will need to sign.

Mitch McConnell. Photo: Stefani Reynolds/Getty Images

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The Senate passed legislation by unanimous consent Tuesday night extending the application period for the Paycheck Protection Program through August 8, just hours before the federal loan program was set to expire. Yes, but: The House still needs to pass the Senate version of the relief bill, and President Trump will need to sign off. Prospects for either are uncertain. Approximately $130 billion in PPP funding remains available.

President Biden has made the COVID-19 crisis and a post-Trump return to national unity and traditional democratic ideals his top priorities. From vaccinations to stimulus to schools, Biden is seeking bipartisan compromise while showing a willingness to use executive authority and bare Democratic majorities in the U.S. House and Senate to implement his policies. Republican leaders are navigating deep party divisions over if and how to move beyond former President Trump.

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After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

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The U.S. faces a range of health care flashpoints — unaffordable drugs, opioids, vaping — as we debate whether to adopt universal care. For now, the Affordable Care Act is the law of the land, but Republicans want to issue it a final death blow.

Senate passes PPP extension through August

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