The program was set to expire with $134 million still available for small businesses.
Hours before the Paycheck Protection Program was set to expire, the Senate on Tuesday agreed by unanimous consent to extend the coronavirus relief program until Aug. 8, which would give small businesses more time to apply for the $134 million in funds still available.... [+]
Business and Entrepreneurship Hearings to examine implementation of Title I of the CARES Act on Capitol Hill on June 10, 2020 in Washington, DC.Lawmakers hope extending the deadline will allow more small businesses to apply for $134 million left in the program, which doles out forgivable loans to companies with less than 500 employees, as the coronavirus pandemic worsens in Southern and Western states.
The move also buys more time for Congress to figure out what to do with leftover money if funds remain and decided on the next legislative step to help small businesses, which could include a measure letting companies take out a second loan. Though the Small Business Administration has approved nearly 4.8 million loan applications totaling $519 billion, confusion over how the loan program works might be deterring businesses from applying for the rest of the money available, according to a CNBC
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