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Congress has passed legislation (S. 4116) to extend the deadline for businesses to apply for Paycheck Protection Program (PPP) loans from June 30 until August 8, 2020. The bill now goes to the President for his signature.
The PPP still has $130 billion of unspent funds from the original $670 billion that Congress allocated to the program.
Treasury Secretary Steven Mnuchin stated his support for repurposing those funds to help the hardest hit businesses that have seen their revenue drop significantly. Mnuchin has been working with the House and Senate Small Business Committees on modifications that can pass Congress by the end of July.
Updated Monday, July 6: President Donald Trump signed the extension into law on Saturday, July 4.
