With approximately $129 billion in Paycheck Protection Program (PPP) funding remaining at the end of June, Congress has voted to extend the deadline for applications.
President Donald Trump sign the bill July 4 granting the five-week extension.
The Small Business Administration says as of 5 p.m. Eastern on June 30, 4.8 million PPP loans had been approved, totaling more than $520 billion.
The average loan was for $107,199, the SBA says.
The SBA stopped taking applications for PPP loans on June 30, and after the president signed the legislation Congress passed to extend the program, the SBA resumed the process on July 6. The new deadline for businesses to apply for the aid is Aug. 8.