Senate reaches deal to extend Paycheck Protection Program hours before it was set to expire

Prospects in the House uncertain for last-minute agreement, which would extend small-business loan program through Aug. 8

The Senate reached a surprise last-minute deal late Tuesday to extend the small-business Paycheck Protection Program through Aug. 8, passing it just hours before the lending program was set to shut down at midnight.

Prospects for the legislation in the House, however, were uncertain. Both chambers are set to adjourn for a two-week recess by week’s end.

The short-term agreement came together in behind-the-scenes negotiations involving Senate Minority Leader Charles E. Schumer (D-N.Y.), Sens. Marco Rubio (R-Fla.), Susan Collins (R-Maine), Christopher A. Coons (D-Del.) and others. Continue reading.