The move extends the Paycheck Protection Program (PPP) for another five weeks allowing small businesses to access low-interest loans. So far, the Paycheck Protection Program has given out $520 billion in loans to over 5 million businesses nationwide, providing relief for payroll costs during closures designed to mitigate the Coronavirus outbreak.
The program was set to lapse on June 30th, but still had over $130 billion in unspent loan money available. Just hours before the deadline, the senate reached an agreement to extend the program for five additional weeks. In an unanimous vote on Wednesday, the House passed a bill to extend the Paycheck Protection Program through Aug 8th, sending the bill to President Trump who is expected to sign it.
The House Committee on Small Business announced this extension in a Tweet in the last hour.