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Trump signs extension of 'PPP,' providing relief for businesses

Tuesday is last day for businesses to apply for Paycheck Protection Program loans
Posted at 2:14 PM, Jul 04, 2020
and last updated 2020-07-04 14:14:00-04

WASHINGTON — President Donald Trump has signed into law a temporary extension of the Paycheck Protection Program, a subsidy program for small businesses battered by the coronavirus.

Small businesses now have until Aug. 8 to apply for the program.

Lawmakers created the program in March and have modified it twice since, adding money on one occasion and more recently permitting more flexible use of the funding despite some grumbling among Republican conservatives.

About $130 billion of $660 billion approved for the program remains eligible for businesses to seek direct federal subsidies for payroll and other costs such as rent through the Paycheck Protection Program.