The legislation extends the June 30 deadline for applying for the programme to August 8, which was created in March and has since been modified twice.
About $130bn of $660bn approved for the programme remains eligible for businesses to seek direct federal subsidies for payroll and other costs such as rent, though demand for the Paycheck Protection Program has pretty much dried up in recent weeks.
The Democratic-controlled House voted on Wednesday to approve the extension of the program after the Republican-controlled Senate did the same.
Trump had been expected to sign the measure.
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