Trump Signs PPP Extension Bill... "Extended Until August 8"

[Asia Economy International Department Reporter] U.S. President Donald Trump has signed a bill extending the Paycheck Protection Program (PPP) for small business protection until August 8.

On the 4th (local time), U.S. political media outlet The Hill reported that President Trump signed the PPP extension bill, which had passed the U.S. House and Senate unanimously. The program, designed to support businesses affected by the spread of COVID-19, was originally set to expire on the 30th of last month, but after passing both chambers and receiving President Trump's signature, it has been extended until August 8.

The U.S. Small Business Administration has so far provided $520 billion in funds to nearly 5 million businesses under the PPP. However, approximately $130 billion in funds remain available. The PPP is part of the $2.2 trillion economic stimulus package passed by the U.S. Congress at the end of March to respond to COVID-19. Although structured as a loan, if the funds are used for designated expenses such as employee payroll or rent for two months, the loan is converted into a grant.