US House voted 415-3 to pass a two-month PPP extension

Dhwani Mehta FXStreet

As the March 31 deadline for the Small Business Administration’s Paycheck Protection Program (PPP) approaches, the House of Representatives voted to pass a two-month extension to the program early Wednesday.

The House passed the PPP extension in a 415-3 vote, pushing the expiration date to May 31 and give the SBA authority to continue to process pending applications for another 30 days after that.

The PPP extension already has Bipartisan support in the Senate

Earlier on, Small Business Majority founder and CEO John Arensmeyer said, “Many small-business owners, especially the self-employed, are just now trying to access the program for the first time, so giving small businesses more time to take advantage of an important lifeline like PPP is not only the right thing to do, it’s the necessary thing to do.”

Market implications

Amid geopolitical risks and pre-Fed decision caution trading, the US dollar index is picking up a bid in Asia, as it retakes the 92 level.

The S&P 500 futures trade below 3,950, down 0.12% on the day. The above piece of news has little to no market impact.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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