Bipartisan House lawmakers announced a deal Thursday to extend the Paycheck Protection Program (PPP) for two months, ensuring that funds can still flow to small businesses following a March 31 expiration date on the program. 

The agreement was negotiated by House Small Business Committee Chair Nydia Velázquez (D-N.Y.) and Rep.

(Mo.), the committee's top Republican, as well as Reps.

(D-Ga.) and

(R-Calif.).

, dubbed the PPP Extension Act, would delay the program’s loan application deadline to May 31 and allows the Small Business Administration to process applications for 30 more days beyond that point. 

“The demand for PPP loans right now is a testament to the program’s effectiveness and the lingering impacts of this pandemic,” said Velázquez. “That’s why we cannot cut off aid now and this short-term extension is so important.”