President Biden signed legislation March 30 to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31.

The popular PPP, created by Congress last year and recently expanded to include most 501(c) nonprofit groups, offers forgivable loans to businesses and nonprofit organizations affected by the COVID-19 pandemic. Under the legislation, which overwhelmingly passed the House and Senate last week, PPP applicants have until May 31 to apply for a loan and the Small Business Administration (SBA) has a June 30 deadline to process them.

Since the creation of the PPP a year ago, the Small Business Administration (SBA) has approved 8.7 million loans to small businesses and nonprofits totaling $734 billion. Nearly $50 billion remains available from the amount Congress approved for the program.

Biden called the legislation a “bipartisan accomplishment,” and said it will help thousands of small businesses and nonprofits get back on their feet.

“Nearly 90,000 business owners are still in line (for a PPP loan), and there’s money left,” Biden said at the bill signing. “Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small and family businesses that might close forever. Small business is the backbone of our economy, representing almost 50 percent of all the employees in America.”