House passes PPP extension with Senate outlook in question

The House voted 415-3 to pass ICBA-supported legislation to extend the Paycheck Protection Program, though the Senate outlook remains unclear.

House: Introduced by Rep. Carolyn Bourdeaux (D-Ga.) and cosponsored by House Small Business Committee Chairwoman Nydia M. Velázquez (D-N.Y.) and Ranking Member Blaine Luetkemeyer (R-Mo.), the House-passed bill would allow borrowers to apply for loans through May 31 and give the SBA until June 30 to consider applications.

Senate: A Senate companion bill has been introduced by Senate Small Business Committee Chairman Ben Cardin (D-Md.), committee member Jeanne Shaheen (D-N.H.), and Sen. Susan Collins (R-Maine). While questions remain about Senate passage, a committee hearing on the PPP slated for 2:30 p.m. (Eastern time) today likely will provide a clearer outlook.

Advocacy: ICBA strongly supports the PPP extension and is urging Senate passage. Meanwhile, community bankers can continue using ICBA's Be Heard grassroots center to urge their members of Congress to make needed changes to the PPP if it is extended.