Tuesday night the Senate voted to extend the deadline for small businesses to apply for the Paycheck Protection Program until August 8th.
There is still $130 billion in loan money that has not been spent. Final approval requires the signature of the President for the extension to take effect.
To date, the Small Business Association has distributed $520 billion in loans to close to 5 million businesses across the country.
“Steven Mnuchin, the Treasury secretary, told lawmakers on Tuesday that he had been discussing the possibility of repurposing the funds left in the program, ‘extending it to businesses that are most hard hit, that had a requirement that their revenues have dropped significantly, things like restaurants and hotels and others where it is critical they get people back to work.’”