President Trump this morning signed an extension of the Paycheck Protection Program into law, according to the White House.
The House unanimously passed the extension less than a day after the program shuttered, and PPP will now remain open to applications through August 8.
About the program: Congress created the program to help small businesses keep employees on their payrolls amid nationwide closures. The program was designed to offer small business loans to bridge the shutdowns and help businesses keep employees in their jobs — and in turn, the loans taken out would be forgiven, essentially shifting into a grant.
More than 4.8 million small business owners have utilized the program, which was designed as a bridge for companies to maintain their payrolls through the worst of the pandemic.