Jul 4, 2020 - Politics & Policy

Trump extends coronavirus PPP loan application deadline to August 8

Trump wears a suit and waves at the camera

President Trump boards Air Force One on July 3. Photo: Saul Loeb/AFP via Getty Images

President Trump signed off on Saturday to give businesses another five weeks to apply for funds through the Paycheck Protection Program.

Why it matters: Roughly $130 billion in PPP funding is still available. The Small Business Administration's inspector general found in May that some rural, minority and women-owned businesses may not have gotten loans due to a lack of prioritization from the agency.

Where it stands: The SBA said that the program had approved over 4.8 million loans as of Tuesday, per the Washington Post β€” approximating $520 billion.

Go deeper: Senate passes PPP extension through August

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