House passes extension of coronavirus small business loan deadline

The House passed a bill Wednesday to extend the deadline to apply for forgivable small business aid through a key coronavirus relief program. 

The legislation, which the Senate already approved, extends the deadline to request Paycheck Protection Program loans to Aug. 8 from June 30. The measure, passed in a unanimous vote, heads to President Donald Trump for his signature. 

Congress created the program as part of the $2 trillion pandemic rescue package passed in March. It aims to help small businesses keep employees on payroll during closures designed to slow the outbreak. 

The Trump administration still has not doled out $130 billion in loan funds set aside for the program. 

Congress first put $349 billion into the PPP, but the money quickly evaporated. It then injected another $310 billion into the program, with $60 billion set aside for small lenders in response to concerns that companies with no existing banking relationship had trouble getting loans. 

Article source: https://www.cnbc.com/2020/07/01/house-passes-extension-of-coronavirus-small-business-loan-deadline.html