President Trump Extends Paycheck Protection Program Through Aug. 8
President Donald Trump passed an extension of the Paycheck Protection Program (PPP), giving small business owners until Aug. 8 to apply for aid while they weather the COVID-19 pandemic.
The president approved the extension because there is more than $130 billion in loan money left unspent, and due to the increase in coronavirus cases across the country.
The forgivable PPP loan helps business owners keep employees on payroll and pay for certain operational costs during the economic crisis. Small businesses (including nonprofits, veteran’s organizations and Tribal businesses) with no more than 500 employees, and sole proprietorships, independent contractors, and self-employed individuals all qualified for the program.