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Trump approves five-week extension for small enterprise pandemic mortgage purposes

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© Reuters. US President Donald Trump holds a press conference on the US economy and unemployment figures at the White House in Washington

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By Katanga Johnson

WASHINGTON (Reuters) – US President Donald Trump signed an August 8 deadline on Saturday to allow small businesses to benefit from a government aid program to help businesses affected by the COVID-19 pandemic said the White House.

The extension of the Payroll Protection Program (PPP), launched in April to keep Americans on the corporate payroll and outside of unemployment benefits, gives business owners an additional five weeks to apply for troubled funding.

Of the $ 659 billion that Congress has provided, an estimated $ 130 billion is still available. Critics fear that the US Small Business Administrator's office, which manages the loan, may continue to struggle to distribute funds equitably.

Right from the start, the unprecedented first-come-first-served program has had to deal with technology and paperwork problems that have caused some companies to miss it, while some wealthy companies have received funds.

The SBA's Inspector General noted in May that some rural, minority, and women's holdings may not have received loans because the agency had no priorities.

Reuters reported https://www.reuters.com/article/us-health-coronavirus-usa-ppp-exclusive/exclusive-us-small-business-program-handed-out-virus-aid-to-many-borrowers- Twice-idUSKBN2391S9 on Thursday that a technical snafu in a U.S. government system caused many small businesses to get loans twice or more, said almost a dozen people with knowledge of the matter.

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