CNN

Trump signs Paycheck Protection Program extension

Jul 4, 2020, 11:05 AM

Trump signs Paycheck Protection Program extension...

President Donald Trump speaks during a news briefing at the White House, Thursday, July 2, 2020, in Washington, as White House chief economic adviser Larry Kudlow, left, and Treasury Secretary Steven Mnuchin, look on. (AP Photo/Evan Vucci)

(AP Photo/Evan Vucci)

(CNN) — President Donald Trump on Saturday signed an extension of the small business loan Paycheck Protection Program into law, according to the White House.

House lawmakers unanimously passed the extension less than a day after the program expired, and PPP will now remain open to applications through August 8.

The President’s approval of the measure completes a whirlwind few days for a program that was all but certain to shutter until bipartisan negotiations were sparked in the Senate on Tuesday.

Congress created the program in March to help small businesses keep employees on their payrolls through nationwide closures amid the coronavirus pandemic.

More than 4.8 million small business owners have tapped more than $520 billion in potentially forgivable loans through the program.

The program was so critical at its inception that a first round of funding dried up in fewer than two weeks in April and had to be replenished.

But interest in the program waned in recent weeks, as shifting rules and the inability of borrowers to come back for a second loan limited the number of small businesses able to go through the application process.

At the time of the program’s closure on Tuesday, more than $130 billion in allocated funds remained unused.

Negotiations are underway among lawmakers of how to get the smaller, hardest-hit businesses to tap into a second round of aid.

This story has been updated with additional details.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

CNN

A video recorded by Facebook user Larry Jacquez shows the police response following the shooting in...

Jamiel Lynch, CNN     

At least 3 people killed and 2 officers wounded in a shooting in Farmington, New Mexico, police say

Multiple people were shot and at least three killed in a shooting in Farmington, New Mexico, police said in a Facebook post.

11 months ago

Migrants seeking asylum in the US look through the border wall as volunteers offer assistance on th...

Nouran Salahieh

End of Title 42 policy brings fewer migrants than expected

Southern border communities report fewer migrants, but concerns remain about overcrowded processing and detention facilities.

11 months ago

EVERETT WALMART, EVERETT, WASHINGTON, UNITED STATES - 2023/04/19: An empty cart is seen near an emp...

Nathaniel Meyersohn, CNN

The real reasons stores such as Walmart and Starbucks are closing in big cities

Several forces are pushing Walmart and Starbucks out of some city centers: a glut of stores, people working from home, online shopping, exorbitant rents, crime and public safety concerns, and difficulty hiring workers.

11 months ago

Gay rights supporters attend the annual Pink Dot event in Singapore in June 2022. Photo credit: Ros...

Heather Chen

A law that cancels cancel culture? This country is considering it

   (CNN) — Cancel culture, the online trend of calling out people, celebrities, brands and organizations — rightly or wrongly — for perceived social indiscretions or offensive behaviors, has become a polarizing topic of debate. To some, it’s an important means of social justice and holding powerful figures to account. But to others, it’s often “misused and misdirected” and has become […]

11 months ago

Vatican Museum restorer Alice Baltera works on the bronze Hercules statue, in the Round Hall of the...

Francesco Sportelli, Associated Press

Vatican experts uncovering gilded glory of Hercules statue struck by lightning

Vatican Museum restorers are working to remove centuries of grime from the largest known bronze statue of the ancient world: the gilded Hercules Mastai Righetti.

11 months ago

Linda Yaccarino, here in 2022, is leaving NBCUniversal amid reports that Elon Musk has selected her...

Chris Isidore

Elon Musk names NBCU ad chief Linda Yaccarino as Twitter CEO

 (CNN) — Elon Musk on Friday named longtime media executive Linda Yaccarino as the new CEO of Twitter, months after he promised to step back from the role. “I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Musk wrote in a tweet on Friday. He said she “will focus primarily on business operations, […]

11 months ago

Sponsored Articles

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

Group of cheerful team members high fiving each other...

Visit Bear Lake

How To Plan a Business Retreat in Bear Lake This Spring

Are you wondering how to plan a business retreat this spring? Read our sample itinerary to plan a team getaway to Bear Lake.

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...

BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.

Skier being towed by a rider on a horse. Skijoring....

Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.

Banner with Cervical Cancer Awareness Realistic Ribbon...

Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.

Kid holding a cisco fish at winterfest...

Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.

Trump signs Paycheck Protection Program extension