Trump signs Paycheck Protection Program extension, modfication
Washington, July 4, 2020
WASHINGTON — President Trump signed bipartisan legislation Saturday morning, extending and revising the Paycheck Protection Program until Aug. 8.
The new law had rare bipartisan support in Congress. On May 27, the House passed the measure by 417-1 and the Senate approved it by unanimous consent on June 3.
The bill is an attempt to address concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief.“The Paycheck Protection Program has been instrumental in helping employers keep workers on payroll during the pandemic and, thanks to this extension signed into law today, it will continue to play an important role as our economy reopens and Ohioans get back to business,” said U.S. Rep Troy Balderson, whose district includes part of Richland County.
Balderson serves on the House Committee on Small Business, which is the primary committee of jurisdiction over small business relief programs implemented by the U.S. Small Business Administration (SBA).
Administered by the SBA, the PPP is a forgivable loan designed to provide direct support for small businesses to keep their workers on payroll and their lights on. Enactment of H.R. 7437 means small businesses will have access to apply for the remaining $130 billion in relief until August 8.
Eligible small businesses may apply for PPP loans through any existing SBA-approved lending institution before the Aug. 8 deadline.Click here to read the complete story, published on the Richland Source website.
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