POTUS signed into law a temporary extension of a subsidy program for battered small businesses.
The legislation extends the June 30 deadline for applying for the program to August 8.
Lawmakers created the program in March and have modified it twice since, NBC News reports, adding money on one occasion and more recently permitting more flexible use of the funding despite some grumbling among GOP conservatives. About $130 billion of $660 billion approved for the program remains eligible for businesses to seek direct federal subsidies for payroll and other costs such as rent, though demand for the Paycheck Protection Program has pretty much dried up in recent weeks.
Data released by the Small Business Administration and Treasury shows that a broad cross-section of American businesses received money, including gyms, hair salons, media outlets, law firms and construction companies. The data released does not comprise the entire universe of loan data, however. The release captures borrower information for loans above $150,000 — which only makes up about 14% of the total lending in the program.
Employers with fewer than 500 workers can receive loans of up to $10 million; if at least 60 percent of the money goes toward maintaining payroll, the federal government will forgive the loan in its entirety, essentially transforming the money into a grant. There’s roughly $132 billion remaining in the fund.