PPP deadline extended, but more needed to avoid credit fallout

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By Jennifer Kang
06 Jul 2020

The US government extended the deadline for submitting applications for the Paycheck Protection Program by a month on Monday. However, only 19% of the government guaranteed small business loans are left, which may not be enough to support small businesses through to the end of the pandemic.

President Donald Trump signed S.4116 into law on July 4, extending the PPP deadline to August 8. But most of the $670bn pool has already been distributed to small businesses, leaving just $130bn. 

The PPP has been a lifeline for many small businesses during the Covid-19 outbreak, ...

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