Businesses Can Apply for Loans through August 8
On July 1, the House passes a bill that extends the PPP program through August 8. The first legislation was passed in March as part of the CARES Act. It provided approximately $350 billion to businesses to help support their ability to pay their employees. Another $310 billion was added to this amount at a later point totaling $660 billion put into the program. At the start of July, almost five million companies have received a loan. However, the fund still has about $130 billion left to be distributed to firms prompting Congress to make an extension on when applications for the loan can be submitted.