The US Senate, just hours before the expiration of the Paycheck Protection Program, passed an extension of the program to August 8
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. The program was designed to offer small business loans to bridge the shutdowns and help businesses keep employees in their jobs -- and in turn, the loans taken out would be forgiven, essentially shifting into a grant. More than 4.
The Democratic-led House would still need to act on the extension. That money has become central to negotiations over the next round of small business aid, which has been subject of bipartisan discussions over the last several days.Cardin noted the extension lines up with the end of the next Senate work period -- which is the same timeline Senate Republicans have set to complete the next round of stimulus.
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