President Trump signed legislature Saturday extending the deadline for companies to use for funding beneath the Paycheck Protection Program.
The COVID-19 aid laws enacted in March expired on Tuesday with greater than $130 billion in unused funds remaining. Together with his signature, the deadline for eligible companies to use was prolonged till Aug. 8.
This system has been an important lifeline for companies across the nation, which have been crippled by pandemic-related lockdowns.
The PPP program was among the many most seen components of a $2 trillion aid bundle handed by Congress because the coronavirus threw the nation right into a painful recession and created hundreds of thousands of newly unemployed Individuals.
Congressional Democrats have been on the lookout for an much more sweeping spherical of stimulus to arrest harm to the economic system. In Could they handed a $three trillion bundle, with further aid for companies and a $1,200 spherical of direct switch funds for particular person Individuals.
Trump has stated he helps some type of further direct funds, however Congressional Republicans have balked on the concept.