Business loan

Senate passes extension of popular small business loan program

The Senate on Thursday passed legislation 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 Crapo Senate Republicans Call on Biden to Lift Vaccination Mandate for Truckers Crossing Canadian Border GOP Steps Up Attacks on SALT Deduction Provision Senate GOP Threatens to Block Defense Bill MORE (Idaho), Ted cruzRafael (Ted) Edward Cruz Eleven Interesting Races To Watch In 2022 Top Political Celebrity Moments Of 2021 Top 10 Republicans Most Likely To Run For President MORE (Texas), Josh hawleyJoshua (Josh) court picks David HawleyBiden face fierce GOP opposition Democrats threaten to play hard against Cruz’s blockade Overnight Energy & Environment – Top land management workers return to DC (Mo.), Mike leeMichael (Mike) Shumway Lee Juan Williams: GOP is anti-American party Manchin faces pressure from Gillibrand, other colleagues on paid family leave Key House president wants to arrange official trip to Taiwan in January MORE (Utah), Rand PaulRandal (Rand) Howard PaulWhy the arms deal with Saudi Arabia was a strategic necessity More suitable candidates for ‘Person of the Year’ Democrats must not give in to self-fulfilling defeatism MORE (Ky.), Jim rischJim Elroy RischUkrainian President, US lawmakers stand together amid tensions with Russia Senate approves sweeping defense bill Cruz proposes to swap Nord Stream 2 sanctions vote against candidate ambassadors MORE (Idaho) and Richard shelbyRichard Craig ShelbyMembers of Congress not running for re-election in 2022 Graham warns GOP about Trump’s anger over debt vote GOP pushes to lock votes on McConnell debt deal MORE (To the.).

The House passed the measure last week, meaning it is now heading towards President BidenJoe Biden Biden Tells US Zelensky Allies “Will Respond Decisively” If Russia Invades Biden, Harris Will Speak On The Anniversary Of The Capitol Uprising.the 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 Act 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.