Congress Looking at Narrowed Parameters for Distributing Remaining PPP Funding

A normally busy Main Street is deserted as the small businesses that line the business district remain closed after the governor instituted a shelter-in-place order in an attempt to curtail the spread of COVID-19 in Rockton, Ill., on March 24, 2020. Scott Olson/Getty Images

Lawmakers are considering stricter parameters for small businesses to qualify for the second round of PPP funding. Lawmakers will iron out the specifics of these restrictions upon returning from recess on July 20.

Congress extended the deadline for small businesses to apply for the potentially forgivable loans from June 30 to Aug. 8. Approximately $130 billion in allocated funding has not been used.