President Trump has signed a bill that passed unanimously in the House and the Senate to extend the application deadline for the Paycheck Protection Program, which provides forgivable loans to small businesses impacted by the COVID-19 pandemic, through Aug. 8. The program’s application period was originally set to expire June 30.
The PPP, which received $670 billion in funding through March’s CARES Act and April’s follow-on relief package, had 4.9 million loans outstanding as of Tuesday, totaling $521 billion, according to Small Business Administration data. Lawmakers have been putting forth different proposals on how to spend the leftover money. Sen. Chris Coons, a Delaware Democrat, has proposed allowing businesses that have spent their first loan to get more money. Sen. Kevin Cramer, a North Dakota Republican, has offered a bill, with Democratic co-sponsors, that would forgive loans of up to $150,000 if business owners submit a one-page form.
