Phase III included a program for forgivable loans for small business. It’s got more than $100 billion left, but the deadline for applications is on June 30. Confusion about the program, and who’s eligible for it, has reduced its usefulness; so have counterproductive restrictions that were only recently relaxed. The program was designed for a short shutdown followed by a very fast rebound. As Congress works on Phase IV, extending the deadline may be called for — at least if we don’t want to go through a period of vast disruption to small businesses that are viable post-crisis but not right now.