Trump Signs Temporary Extension of Emergency Federal Loan Program for Small Businesses

WASHINGTON (UrduPoint News / Sputnik – 05th July, 2020) US President Donald Trump has signed into law a bill stipulating a temporary extension of the Paycheck Protection Program (PPP) for small businesses affected by the coronavirus pandemic.

According to a Saturday White House release, the bill reauthorizes lending under the PPP through August 8. The previous deadline for applying was June 30.

The extension of the emergency Federal loan program for small businesses was approved by the Senate on Tuesday, followed by a House of Representatives vote on Wednesday.

Around $130 billion in loan money out of more than $660 billion approved for the PPP, which was created in March, remains unused. Small businesses can seek direct federal subsidies for payroll and other costs such as rent.

The extension of the PPP, which has already been modified more than once, comes amid a continuing spread of COVID-19 in the US, which remains the country with the largest number of coronavirus cases (over 2.8 million) and the highest COVID-19 death toll (over 129,600), according to the latest data from the Johns Hopkins University.

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