Written by Forbes
President Trump Saturday signed into law a bill extending the Paycheck Protection Program—an emergency federal loan facility for small businesses struggling because of the pandemic—for another five weeks until August 8, buying Congress time to figure out what the next round of aid for small businesses will look like when it reconvenes later this month to hash out more stimulus legislation.
4.8 million. As of June 27, that’s how many PPP loans had been approved. All in, those loans were worth nearly $520 billion.
The PPP was created as part of the $2.2 trillion CARES Act, signed into law by President Trump at the end of March. The $350 billion program provided forgivable loans to cover payroll and overhead expenses for cash-strapped businesses to keep them from folding during the worst of the economic slowdown. After an initial crush of applications and a chaotic rollout period, the PPP ran out of money in just two weeks, prompting Congress to pass more legislation to re-up the facility with another $310 billion.