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Politics U.S. Senate Passes Extension of Small Business Loan Program

04:30  01 july  2020
04:30  01 july  2020 Source:   bloomberg.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 set to Senator Rick Scott, a Florida Republican attempted to amend the extension to limit future loans to the most needy businesses , but dropped that attempt in the face of

Senate Small Business Chairman Marco Rubio, a Florida Republican, last week sought guidance from the Treasury Department on whether that issue can be The U . S . Chamber of Commerce said a new survey it released Wednesday with MetLife showed that while eight of 10 small businesses are in the

(Bloomberg) -- The Senate has passed an extension of the popular Paycheck Protection Program for small businesses, which was set to close down Tuesday night with $130 billion in funding left over.

a clock tower lit up at night: The U.S. Capitol stands past columns of the U.S. Supreme Court at dusk in Washington, D.C., U.S., on Thursday, April 16, 2020. President Donald Trump threatened Wednesday to try to force both houses of Congress to adjourn -- an unprecedented move that would likely raise a constitutional challenge -- so that he can make appointments to government jobs without Senate approval. © Bloomberg The U.S. Capitol stands past columns of the U.S. Supreme Court at dusk in Washington, D.C., U.S., on Thursday, April 16, 2020. President Donald Trump threatened Wednesday to try to force both houses of Congress to adjourn -- an unprecedented move that would likely raise a constitutional challenge -- so that he can make appointments to government jobs without Senate approval.

The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

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 Senate passed a bill to ease rules about how small businesses can use Paycheck Protection Program loans and still get them forgiven. Congress put 0 billion into the small business loan program at first, but the money quickly ran out during a rocky start to the process marked by

(Bloomberg) -- The Senate ’ s attempt to fix the popular Paycheck Protection Program has hit snags, possibly delaying changes for small businesses that seek more flexibility in using the rescue loan funds.So far some Republicans are refusing to provide unanimous consent to U . S . markets closed.

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. The $669 billion program had approved more than 4.8 million loans totaling $520.6 billion as of Tuesday night, the SBA said. There was $134.5 billion remaining as of Saturday that will be returned to Treasury unless Congress re-purposes it.

Cardin said that the June 30 deadline was a “reasonable assumption” when the PPP program was established in March. “We thought by the end of June that our economy would be back on track and we would not need to have additional applications after that date.”

Trump signs PPP extension

  Trump signs PPP extension President Trump on Saturday signed legislation that extends the deadline for businesses to apply for aid under the Paycheck Protection Program (PPP).The bill extends the deadline for businesses to apply for PPP loans until Aug. 8. The program, set up to help assist businesses impacted by closures related to the coronavirus pandemic, had expired on Tuesday night with roughly $130 billion left unused.The Senate in a surprise passed legislation by unanimous consent late Tuesday extending the program, hours before it was set to expire.The House took up the Senate bill and passed it by unanimous consent Wednesday afternoon, sending it to Trump's desk.

The Senate passed a bill on Wednesday that would help give small businesses more time to use relief loans . Yahoo Finance’ s Jessica Smith weighs in. UP NEXT. NOW PLAYING: Recipes. Senate passes changes to PPP loan program . Yahoo!

The Senate passed legislation Wednesday to provide more flexibility to small businesses that have Johnson was seeking assurances that the extension of the June 30 deadline wouldn’t mean that The Paycheck Protection Program offers loans up to million to businesses with 500 or fewer

PPP loan money used for payroll in accordance with guidelines do not have to be repaid.

Senator Rick Scott, a Florida Republican attempted to amend the extension to limit future loans to the most needy businesses, but dropped that attempt in the face of objections from Cardin, who said the PPP could be modified in the next round of stimulus.

Senator Susan Collins, a Maine Republican, said that the PPP was likely to be modified next month so that businesses must show revenue losses in order to qualify for future loans.

The Senate is about to leave on a two-week recess on Thursday amid a worsening economic outlook because of a resurgence of the coronavirus. Senate Majority Leader Mitch McConnell said earlier Tuesday that the Senate would take up and debate another virus relief package in late July.

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©2020 Bloomberg L.P.

Congress eyes tighter restrictions on next round of small business help .
Lawmakers are weighing tightening the qualifications for small business aid as they debate a fifth coronavirus bill. © getty Congress eyes tighter restrictions on next round of small business help As part of a March $2.2 trillion coronavirus relief package, Congress created the Paycheck Protection Program (PPP), which provides loans to businesses with fewer than 500 employees. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

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