President Donald Trump signed the extension of the Payroll Protection Program (PPP) on Saturday.
The bill announcement from the White House read:
"On Saturday, July 4, 2020, the President signed into law: S. 4116, which (1) reauthorizes lending under the Paycheck Protection Program (PPP) through Aug. 8, 2020; and (2) separates the authorized limits for commitments under the PPP from other Small Business Administration loan programs."
The loans have been used by small businesses to keep employees on the payroll during the coronavirus shutdowns in the United States as part of the CARES Act passed in March.
The Senate passed the bill by unanimous consent late Tuesday, while the House passed it by unanimous consent Wednesday afternoon.
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 GOP 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, though demand for the Paycheck Protection Program has pretty much dried up in recent weeks.
The Associated Press contributed to this report.
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
© 2023 Newsmax. All rights reserved.