The House of Representatives quickly passed a bill Wednesday night to extend the window for business owners to apply for coronavirus relief loans through the Paycheck Protection Program.

The deadline for small businesses to apply for coronavirus relief funds expired Tuesday, but the legislation would reopen the application process until Aug. 8.

During the pandemic, Congress allocated $659 billion to small businesses in PPP loans that could be converted to grants if they met certain requirements. Congress already passed legislation to loosen some of the restrictions on the loans that businesses found too burdensome given that many are still closed or operating at reduced capacity due to prolonged stay-home restrictions.

As of 5 pm Tuesday, the Small Business Administration had approved 4,866,647 loans worth roughly $521 billion across 5,459 lenders.

The average loan size was $107,199.

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