Trump Signs PPP Extension Bill... "Extended Until August 8"
[Asia Economy International Department Reporter] U.S. President Donald Trump has signed a bill extending the Paycheck Protection Program (PPP) for small business protection until August 8.
On the 4th (local time), U.S. political media outlet The Hill reported that President Trump signed the PPP extension bill, which had passed the U.S. House and Senate unanimously. The program, designed to support businesses affected by the spread of COVID-19, was originally set to expire on the 30th of last month, but after passing both chambers and receiving President Trump's signature, it has been extended until August 8.
Hot Picks Today
At President Lee's Call to "Give Enough to Shock," Whistleblower Rewards Become a Real Lottery
- If a Samsung Electronics Employee with a 100 Million Won Salary Receives a 600 Million Won Performance Bonus, Taxes Total 247.19 Million Won
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- "White House Blocks Repatriation of 'Ebola-Infected' Doctor... Ultimately Transferred to Germany"
- "4.15 Million Won Prada Jacket Shows White Spots After One Wear"...Korea Consumer Agency Orders Full Refund
The U.S. Small Business Administration has so far provided $520 billion in funds to nearly 5 million businesses under the PPP. However, approximately $130 billion in funds remain available. The PPP is part of the $2.2 trillion economic stimulus package passed by the U.S. Congress at the end of March to respond to COVID-19. Although structured as a loan, if the funds are used for designated expenses such as employee payroll or rent for two months, the loan is converted into a grant.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
