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Politics Senate passes extension of application deadline for PPP small business loans

04:30  01 july  2020
04:30  01 july  2020 Source:   thehill.com

House votes unanimously to extend deadline for coronavirus small business loan program

  House votes unanimously to extend deadline for coronavirus small business loan program The House on Wednesday unanimously passed an extension to the $660 billion Paycheck Protection Program (PPP) less than a day after the program expired. The Senate passed the extension on Tuesday, and the House vote sends the bill to President Trump's desk. Upon the president's approval, the extension will keep the small business loan program open to applications until August 8.There's approximately $130 billion in unspent money under the PPP, which is open to businesses with fewer than 500 employees, and lawmakers decided to extend the deadline for applications rather than reallocate those funds.

The Senate has passed an extension of the popular Paycheck Protection Program for small businesses , which was The Small Business Administration, which ran the PPP with the Treasury Department, is set to stop accepting new applications at 11:59 p.m. Eastern Time on Tuesday.

Senate Small Business Chairman Marco Rubio, a Florida Republican, last week sought guidance from the Treasury Department on whether that issue can There was broad support during a Senate Small Business Committee hearing Wednesday for extending the eight-week loan forgiveness period and

The Senate on Tuesday cleared legislation to extend the deadline for businesses to apply for coronavirus aid under the Paycheck Protection Program (PPP), which will expire at the end of Tuesday.

Ben Cardin wearing a suit and tie: Senate passes extension of application deadline for PPP small business loans © Greg Nash Senate passes extension of application deadline for PPP small business loans

Under the bill passed by the Senate by unanimous consent, the deadline for applying for PPP loans - which go to businesses with fewer than 500 employees - would be extended until Aug. 8.

There's approximately $130 billion in unspent money under the Paycheck Protection Program, which has prompted a discussion among lawmakers about what to do with the funds.

Senate passes extension of

  Senate passes extension of The US Senate, just hours before the expiration of the small business loan Paycheck Protection Program, passed an extension of the program to August 8. © Sarah Silbiger/Getty Images The Capitol dome is seen early Wednesday morning before Amb. William Taylor And Deputy Assistant Secretary Of State George Kent testify at the first public impeachment hearing before the House Intelligence Committee on Capitol Hill November 13, 2019 in Washington, DC. The move to keep the application process for the program open comes as it was set to expire with more than $130 billion in allocated funds that remain unused.

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Senate Small Business Chairman Marco Rubio, a Florida Republican, last week sought guidance from the Treasury Department on whether that issue can be “This is largely a Senate punt on fixing the issues with the PPP program.” There was broad support during a Senate Small Business Committee

Sen. Ben Cardin (Md.), the top Democrat on the Small Business Committee, said that while there needs to be another round of small business help that extending the application period will delay the deadline until the Senate goes on its August recess, with lawmakers eyeing another coronavirus bill next month.

"The resources are there, the need is there. We just need to change the date," Cardin said about the bill.

Sen. Marco Rubio (R-Fla.), the chairman of the Small Business Committee, said that he has no objections to extending the application deadline "but the vast majority of #SmallBusiness that wanted to benefit from the program have already used it."

Sen. Susan Collins (R-Maine), who helped negotiate the initial small business sections of the March coronavirus bill, said that extending the deadline would ensure that we "don't see an interruption in this program" while Congress negotiates a fifth coronavirus relief bill.

House passes small business loan Paycheck Protection Program extension by unanimous consent

  House passes small business loan Paycheck Protection Program extension by unanimous consent The US House passed an extension of the $660 billion Paycheck Protection Program fewer than 24 hours after the program shut its doors, moving one step closer to reopening the cornerstone small business coronavirus relief effort. © Sarah Silbiger/Getty Images The Capitol dome is seen early Wednesday morning before Amb. William Taylor And Deputy Assistant Secretary Of State George Kent testify at the first public impeachment hearing before the House Intelligence Committee on Capitol Hill November 13, 2019 in Washington, DC.

The bill lets small businesses getting coronavirus aid loans use a smaller share of the money on The legislation allows companies seeking loan forgiveness to use a smaller share of the money on The chamber approved the legislation in a nearly unanimous 417-1 vote. The Senate has put forward

Besides extending the loan -forgiveness period, small businesses have said they want flexibility to spend more on overhead expenses, especially in high-rent areas. The current PPP program allows partial loan forgiveness if a company uses less than 75% of a loan for payroll, but the House bill

It wasn't immediately clear if the Democratic request would be able to clear the Senate. Democrats have tried to pass other coronavirus-related legislation this week but have been blocked by Democrats. Under the Senate's rules any one senator can try to pass a bill by unanimous consent, but any one senator can object.

"I'm pleased because we have an agreement. ...I came here thinking we would not be able to get agreement," Sen. Jeanne Shaheen (D-N.H.) said from the Senate floor.

Sen. Rick Scott (R-Fla.) tried to change the bill to include a requirement that any new loans would have to go to businesses that have seen a downturn in revenue due to the coronavirus.

"Under my colleagues' proposal companies that have not been harmed at all by the coronavirus will have the ability to receive taxpayer funded loans," Scott said.

But Cardin rejected the change, noting that while he agreed with Scott's concerns, that he didn't want to change the guidelines mid-program. Scott then backed down and let the application extension clear the Senate.

Rubio Seeks Bipartisan Push for More Aid for Small Firms

  Rubio Seeks Bipartisan Push for More Aid for Small Firms Republican Senator Marco Rubio of Florida is starting a bipartisan push to work on the next phase of relief for small firms hammered by the pandemic as a relief loan program that launched in April closes Tuesday with leftover funds. © Bloomberg Marco Rubio during a Senate Small Business and Entrepreneurship Committee hearing in Washington. Rubio, who is chairman of the Senate Small Business & Entrepreneurship Committee, is reconvening a task force that helped create the Paycheck Protection Program, which offered loans to small businesses, to work toward an agreement on getting additional help, according to his office.

Good news for small businesses as Trump signs PPP reform bill into law. Published Thu, Jun 4 Business owners who received a forgivable loan through the Paycheck Protection Program are The bill, the Paycheck Protection Program Flexibility Act of 2020, was passed in the Senate on Wednesday.

Under the PPP program, loans for restaurants, hotels and other small businesses would convert into federal grants if recipients adhere to a set of conditions He said gyms, caterers, museums and other small businesses had been particularly hobbled by the eight-week requirement for using the loans

"I thank you for what you're doing. I'm not going to stand in the way of this," he said.


Video: Trump vows to protect pre-existing conditions despite action to overturn Obamacare (MSNBC)

Muirfield Village Golf Club among those approved for $1 million-$2 million PPP loan .
Law firms, auto dealerships, museums, schools and restaurants were among tens of thousands of Ohio companies approved for loans from a federal coronavirus aid package. The Small Business Administration released the list of recipients from the Paycheck Protection Program…The Small Business Administration released the list of recipients from the Paycheck Protection Program on Monday.

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