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U.S. Senate Passes Extension of Small Business Loan Program

  • Application deadline is set to expire by midnight Tuesday
  • House still has to act to extend the deadline until Aug. 8
Bloomberg business news
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The Senate has passed an extension of the popular Paycheck Protection Program for small businesses, which was set to close down Tuesday night with more than $130 billion in funding left over.

The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill and a Democratic aide said there would be no vote on Tuesday night.