Mitch McConnell. Photo: Stefani Reynolds/Getty Images
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.