On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP). The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the forgivable loans until May 31 with another month authorized for the SBA to process applications. The extension is now pending before the Senate and the upper chamber is expected to consider the legislation before the end of the month. SBA issued new rules on the Paycheck Protection program just yesterday which can be accessed here. Unrelated to the PPP extension, the Small Business Administration (SBA) this week also announced that for all SBA disaster loans, including COVID-19 Economic Injury Disaster Loans (EIDL), the deferment period has been extended an additional 12 to 24 months from the date of the loan. The first payment due date for all disaster loans made in calendar year 2020 will be extended from 12 to 24 months, while those made in 2021 will extend from 12 to 18 months for the date of the loan. Likewise, existing disaster loans in service as of March 1, 202 were deferred automatically through Match 31, 2021 and will now get an automatic additional 12-month extension, however interest will continue to accrue on the outstanding balance.