With some $130 billion still in the lending pot, the House and Senate have passed legislation to extend the Small Business Administration’s Paycheck Protection Program through August 8.
The measure now goes to President Trump, who is expected to sign it. The PPP program expired Tuesday.
The bill makes no changes to the PPP program, which has been criticized as confusing and open to fraud.
Credit union trade groups have been calling for changes to the program, most notably, automatic loan forgiveness for relatively small PPP loans.
In endorsing Senate legislation to automatically forgive loans under $150,000, CUNA President/CEO Jim Nussle said that the nation’s smallest credit unions have made more than 60,000 loans, averaging just over $49,000 per loan.