So far, the Small Business Administration approved more than 4.9 million loans for a total of more than $521 billion.
The PPP was part of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act and was originally set to expire on June 30. However, on July 4, President Trump signed legislation that extended the deadline by five weeks. The Small Business Administration approved more than 4.9 million loans for a total of more than $521 billion, according to SBA numbers from July. At the time, the SBA said it had about $132 billion remaining in the fund.
Jim Tobin, executive vice president of government affairs and chief lobbyist at the trade association National Association of Home Builders, believes the PPP will lapse because lawmakers are focused on other timely issues, like unemployment benefits. "They're going to try to target those groups to make sure there aren't any specific sectors of the small business community that are left behind," Tobin said.
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