House passes extension of small business relief program

The House on Wednesday passed a bill extending the Paycheck Protection Program.

The extension was approved Tuesday evening in the Senate by unanimous consent, just a few hours before the program was scheduled to end. It gives the Small Business Administration the authority to continue approving Paycheck Protection Program loans through Aug. 8.

Nearly 4.9 million loans worth $520.6 billion have been approved so far, with more than $130 billion left unspent. As part of coronavirus relief efforts, the loans can be turned into grants. The bill now heads to President Trump's desk for his signature.