CNN

Trump signs Paycheck Protection Program extension

Jul 4, 2020, 11:05 AM
Trump signs Paycheck Protection Program extension...
President Donald Trump speaks during a news briefing at the White House, Thursday, July 2, 2020, in Washington, as White House chief economic adviser Larry Kudlow, left, and Treasury Secretary Steven Mnuchin, look on. (AP Photo/Evan Vucci)
(AP Photo/Evan Vucci)

(CNN) — President Donald Trump on Saturday signed an extension of the small business loan Paycheck Protection Program into law, according to the White House.

House lawmakers unanimously passed the extension less than a day after the program expired, and PPP will now remain open to applications through August 8.

The President’s approval of the measure completes a whirlwind few days for a program that was all but certain to shutter until bipartisan negotiations were sparked in the Senate on Tuesday.

Congress created the program in March to help small businesses keep employees on their payrolls through nationwide closures amid the coronavirus pandemic.

More than 4.8 million small business owners have tapped more than $520 billion in potentially forgivable loans through the program.

The program was so critical at its inception that a first round of funding dried up in fewer than two weeks in April and had to be replenished.

But interest in the program waned in recent weeks, as shifting rules and the inability of borrowers to come back for a second loan limited the number of small businesses able to go through the application process.

At the time of the program’s closure on Tuesday, more than $130 billion in allocated funds remained unused.

Negotiations are underway among lawmakers of how to get the smaller, hardest-hit businesses to tap into a second round of aid.

This story has been updated with additional details.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

Today’s Top Stories

CNN

Russian President Vladimir Putin speaks during a Security Council meeting in the Kremlin in Moscow,...
Joshua Berlinger, CNN

Putin announces Russia will annex four regions of Ukraine

The annexation announcement follows so-called referendums in the regions that were universally dismissed as "a sham" by Ukraine and Western nations.
10 hours ago
Soon we will know more about the trail of destruction Hurricane Ian has left behind in southwest Fl...
Judson Jones, CNN Meteorologist

Ian isn’t over. Here’s where the storm goes next

Hurricane Ian isn't finished yet. Where is the storm headed to next?
10 hours ago
A service member of the self-proclaimed Donetsk People's Republic walks past a banner on the doors ...
Anna Chernova, Joshua Berlinger and Rob Picheta, CNN

Putin to host ceremony annexing occupied Ukrainian territories on Friday, Kremlin says

Some of the separatist leaders involved in carrying out sham referendums to secede from Ukraine and join Russia landed in Moscow Thursday, according to a photograph posted by the Russia-appointed deputy head of the Kherson regional military administration Kirill Stremousov.
1 day ago
Coolio, the '90s rapper who lit up the music charts with hits like "Gangsta's Paradise" and "Fantas...
Sandra Gonzalez, CNN

Coolio, ‘Gangsta’s Paradise’ rapper, dead at 59

(CNN) — Coolio, the ’90s rapper who lit up the music charts with hits like “Gangsta’s Paradise” and “Fantastic Voyage,” has died, his friend and manager Jarez Posey, told CNN. He was 59. Posey said Coolio died in the afternoon hours local time in Los Angles on Wednesday. Details on the circumstances were not immediately […]
1 day ago
Hurricane Ian flooding in Naples, Florida....
Amir Vera, Eric Levenson, Jason Hanna and Nouran Salahieh, CNN

Hurricane Ian weakens to Category 3 after making landfall in Florida, but officials warn the worst is yet to come

Hurricane Ian has weakened to a Category 3 storm hours after pummeling southwestern Florida Wednesday, but officials are warning people to stay inside as the worst of the storm is still on the way.
2 days ago
Hurricane Ian Satellite image (CNN)...
Elizabeth Weiler

Hurricane Ian’s ‘extremely dangerous’ eyewall near Category 5 strength is moving ashore in southwestern Florida

DeSantis activated 5,000 Florida National Guard members for Ian's response operations, and 2,000 more guardsmen from Tennessee, Georgia and North Carolina were being activated to assist.
2 days ago

Sponsored Articles

Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
large group of friends tohether in a park having fun...
BYU MBA at the Marriott School of Business

What differentiates BYU’s MBA program from other MBA programs

Commitment to service is at the heart of BYU’s MBA program, which makes it stand out among other MBA programs across the country.
a worker with a drill in an orange helmet installs a door in the house...
Price's Guaranteed Doors

Home improvement tip: Increase the value of your home by weatherproofing doors

Make sure your home is comfortable before the winter! Seasonal maintenance keeps your home up to date. Read our tips on weatherproofing doors.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
A paper reading IRS, internal revenue service is pictured...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Trump signs Paycheck Protection Program extension