Senate passes extension of popular small business loan program
The Senate passed legislation on Thursday extending a popular small business program created by Congress last year during the coronavirus crisis.
Senators voted 92-7 to extend the deadline to apply for the Paycheck Protection Program (PPP), which provides loans to small businesses affected by the coronavirus, from March 31 to May 31.
Seven Republicans voted against the bill: Mike CrapoMichael (Mike) Dean CrapoThe Energy Innovation Credit Act is game-changing for the industry (Idaho), Ted cruzRafael (Ted) Edward Cruz More than 10,000 migrants wait to be treated under a bridge in Texas. Senators slow Biden with detentions at the Pentagon, State. Newsom wins MORE (Texas), Josh hawleyJoshua (Josh) David Hawley Senators Slow Biden with Pentagon, State Defense and National Security Detentions – Milley Becomes Lightning Rod Joint Chiefs Chairman Milley Becomes Right-Wing Lightning Rod MORE (Mo.), Mike leeMichael (Mike) Shumway LeeEconomy creates just 235,000 jobs in August as delta hammers growth Lawmakers inundated with calls for aid to exit Afghanistan Afghanistan fiasco proves we are not left early enough MORE (Utah), Rand PaulRandal (Rand) Howard PaulSenate lawmakers have shown frustration with Blinken Rand Paul: “Hate for Trump” blocking research on ivermectin as a COVID-19 treatment Masks and vaccines: What is the price of freedom? FOLLOWING (Ky.), Jim rischJim Elroy RischLobbying, World Senate lawmakers let their frustration show with the Blinken cuts in the Colorado River, paving the way for a decade of drought policy MORE (Idaho) and Richard shelbyRichard Craig Shelby The Crypto Debate Is Set To Come Back In Force Press: Why Is Mo Brooks Still In The House? Eshoo urges Pelosi to change infrastructure bill’s ‘problematic’ crypto regulatory language (To the.).
The House passed the measure last week, meaning it is now heading towards President BidenJoe BidenHouse The Democrat threatens to vote against the party’s spending bill if the HBCU does not receive more federal aid. Defense and National Security Overnight – Pentagon’s Deadly Mistake Haitians Stranded in Texas Prolong Biden’s Immigration Problems MOREthe office of his expected signature.
In addition to extending the loan application window, which can be canceled if borrowers meet certain conditions, the bill also gives the Small Business Administration until June 30 to process applications.
Business groups have been pushing Congress to extend the application window, arguing that it will provide the financial support needed to keep businesses afloat until the country’s adult population is vaccinated and the COVID-19 lockdown measures are lifted.
The program was first created under the bipartisan CARES law at the end of March last year. Congress passed additional measures to continue funding the program, including allowing hard-hit small businesses to apply for a second loan.
Biden announced policy changes to the PPP in February aimed at targeting aid to businesses with 20 or fewer employees and minority-owned businesses. The administration instituted a 14-day period, which ended on March 9, during which only companies with fewer than 20 employees could apply for the loans.