President Trump signed the legislature on Saturday extending the deadline for companies to apply for funds under the Paycheck Protection Program.
The COVID-19 relief legislation enacted in March expired Tuesday with more than $ 130 billion in unused funds remaining. With his signature, the deadline for eligible companies to apply has been extended to August 8.
The program has been an essential lifeline for companies across the country, which have been paralyzed by pandemic-related closings.
The PPP program was one of the most visible parts of a $ 2 trillion aid package approved by Congress when the coronavirus led the country into a painful recession and created millions of newly unemployed Americans.
Democrats in Congress have been seeking an even broader stimulus round to stop the damage to the economy. In May, they approved a $ 3 billion package, with extra help for businesses and a round of $ 1,200 direct transfer payments for individual Americans.
Trump has said he supports some form of additional direct payments, but Republicans in Congress have rejected the idea.
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