On Tuesday night, the US Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP). Yesterday, the House followed suit and the bill is expected to soon be signed into law. The bill extends the deadline date for small businesses and nonprofits to apply for PPP funding from June 30 to August 8. To date, the US Small Business Administration has approved nearly 4.9 million forgivable loans (de facto grants) for a total of more than $520 billion.
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