Update: The extension passed by the Senate has also been passed by the House and signed into law by the President.

Late last night the Senate reached a deal to extend the Paycheck Protection Program for an additional 5 weeks - hours before the program was set to expire. From the Washington Post:

The Senate acted by unanimous consent to extend the Tuesday midnight deadline for when the PPP can accept applications for forgivable loans for an additional five weeks. It came as the program was poised to shut down to new users with more than $130 billion left untapped. Lawmakers were working on legislation to redirect the remaining funding to additional businesses, but no such deal was expected to be reached until late July, and meanwhile the money left in the program would be sitting unspent.

“We want to make sure the money gets out, and we also want to make sure those who really need it get the funds,” Sen. Ben Cardin (D-Md.), the top Democrat on the Senate Small Business Committee, said on the Senate floor.

A similar deal has not been reached in the House, and it is not clear whether the chamber will take up the issue before adjourning at the end of the week: 

Even if the House manages to pass the measure before adjourning this week, though, thorny questions still remain unresolved about how to repurpose the funds left in the program. Demand for the remaining money has slowed to a trickle, a dramatic change since the program was launched in April and immediately overwhelmed by demand.

Read the full Washington Post article here, which includes information on the existing proposals for repurposing the remaining funding in the program.