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Trump Signs Small Business Loan Program Extension

Added 07-04-20 07:07:02pm EST - “The Paycheck Protection Program, enacted to help small businesses dealing with the coronavirus pandemic, had expired Tuesday. With Trump's signature Saturday, the new deadline to apply is Aug. 8.” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “Trump Signs Small Business Loan Program Extension”. Below is an excerpt from the article.

President Trump, pictured June 5, signs a bill extending the time period for businesses to use funds from the Paycheck Protection Program. On Saturday he signed a bill extending the deadline to apply for the program. Evan Vucci/AP hide caption

President Trump, pictured June 5, signs a bill extending the time period for businesses to use funds from the Paycheck Protection Program. On Saturday he signed a bill extending the deadline to apply for the program.

President Trump signed legislation Saturday extending the deadline for small businesses to apply for the Paycheck Protection Program, enacted in the weeks following the economic shutdown caused by the coronavirus pandemic.

The original deadline to apply for the PPP was this past Tuesday night. But $130 billion still remained in the fund, out of $660 billion allocated. Both houses of Congress approved the extension unanimously earlier this week. With Trump's signature Saturday, businesses will now have until Aug. 8 to apply for the assistance.

The PPP lets businesses get direct government subsidies for payroll, rent and other costs. The subsidies come as federal loans, but those loans can be forgiven if businesses use at least 60% of the funds for payroll.

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