Small business: $130 billion left in U.S. program

Congress passed legislation to extend the Paycheck Protection Program just hours before it was set to expire, said Zachary Warmbrodt in Politico.com. The last-minute rescue this week gives the Small Business Administration authority to keep approving forgivable loans for small businesses until Aug. 8. The $660 billion program had $130 billion left unspent since its inception in April, with roughly 4.9 million loans approved. The bill’s unanimous support in the Senate was unexpected, because lawmakers had clashed over legislation for longer-term business support and ran into resistance from “fatigued” lenders.