WASHINGTON – Small businesses struggling to weather the coronavirus crisis will have several more weeks to take advantage of a popular federal loan program that’s already distributed $500 billion to keep Main Streets alive.
The House Wednesday followed the Senate’s lead Tuesday and voted to extend the Paycheck Protection Program through Aug. 8. Created earlier this year as part of the CARES Act to help the nation respond to the fallout from the COVID-19 pandemic, PPP expired Tuesday.
The program has about $130 billion left to spend although lawmakers and the Trump administration are in talks to tweak the PPP to reach hard-hit businesses such as restaurants and hotels that have had trouble making use of the financial help.
Passage of the extension came on the same day that House lawmakers were taking the Small Business Administration to task for another program designed to rescue mom-and-pop firms following the social distance guidelines instituted after the coronavirus landed on U.S. shores.
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More information about the PPP Loan HERE