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Politics Senate agrees to extend small business rescue in surprise move

05:15  01 july  2020
05:15  01 july  2020 Source:   politico.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 in a surprising move Tuesday evening passed legislation that would keep the government's massive small business rescue program alive just as it was set to close down within hours with 0 billion left unspent. The bill approved by unanimous consent would give the Small

The Senate has passed an extension of the popular Paycheck Protection Program for small businesses , which was set to close down Tuesday night with 0 The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent.

The Senate in a surprising move Tuesday evening passed legislation that would keep the government's massive small business rescue program alive just as it was set to close down within hours with $130 billion left unspent.

Chris Coons wearing a suit and tie: © Toni Sandys/Getty Images "We have literally millions of small businesses nationwide at risk," Sen. Chris Coons said.

The bill approved by unanimous consent would give the Small Business Administration authority to continue approving Paycheck Protection Program loans, which can be turned into grants, until Aug. 8. To keep the loans flowing, the House would need to pass the legislation and send it to President Donald Trump for his signature.

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.

The Senate passed a bill to ease rules about how small businesses can use Paycheck Protection Program loans and still get them forgiven. Congress created it as part of the trillion rescue package passed in March, and it includes stipulations for how companies can spend money and still

Senate negotiators will return to work on Sunday after failing to reach a bipartisan agreement “in principle” Saturday evening on a massive stimulus package, despite reporting significant areas of consensus.

Senators reached a consensus after it became clear in recent weeks that struggling employers would need further federal aid. As of Tuesday evening, the SBA had approved $520.6 billion via nearly 4.9 million loans.

"There are millions of small businesses that are barely open now," Sen. Chris Coons (D-Del.) said in an interview. "With the likelihood of either renewed closures or much slower reopenings, we have literally millions of small businesses nationwide at risk."

The unanimous agreement was so unexpected because lawmakers over the last few weeks had clashed over separate legislation dealing with the program. Senators are already deep into separate negotiations about how to restart and restructure the program for a longer period in a way that targets aid at the hardest hit businesses.

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 bill lets small businesses getting coronavirus aid loans use a smaller share of the money on pay and The House passed a bill to make changes to the key small business aid program passed in response to the The Senate has put forward a plan similar to the House bill, but has not yet passed it.

Small businesses are shut down by state governments due to the coronavirus outbreak but there is no help State governments have moved quickly, shutting down their business communities in a matter of weeks. While some have already begun to close, analysts say that without a major rescue effort

On the Senate floor, Sen. Ben Cardin (D-Md.), the top Democrat on the Small Business Committee, said senators picked Aug. 8 because that's the end of the Senate's next work period, and lawmakers hope they can pass the next economic relief package by then.

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


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

PPP: Government releases borrower details for small-business relief program .
After withering pressure from lawmakers, the federal government on Monday released data on hundreds of thousands of borrowers from the $660 billion Paycheck Protection Program -- the main relief vehicle for small and mid-size companies suffering from the pandemic lockdowns. © Spencer Platt/Getty Images People walk through a shuttered business district in Brooklyn on May 12, 2020 in New York City. More than 4.8 million small businesses tapped more than $520 billion in potentially forgivable loans through the program -- a central pillar of the $2.

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