Go and get it. Of course, No SQLServer PowerShell update on this hotfix. But you’ll need this update.
Read more on this link for more information: https://msdn.microsoft.com/en-us/library/mt238290.aspx
If you are still interested of see what’s new in this July Edition of SSMS, check the following Microsoft Blog site:
https://blogs.technet.microsoft.com/dataplatforminsider/2016/06/30/sql-powershell-july-2016-update/
