#Senate #coronavirus #Aid/Relief #PPP #loans #consumers #economy
Tuesday, the GOP led Senate approved a temporary extension of a popular subsidy program for small businesses in an unexpected development that came as spikes in C-19 coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.
The move came just hours before a deadline for applying for the program, which was created in March and modified 2X since. The extension was approved by unanimous consent for the Paycheck Protection Program (PPP) through 8 August.
$129-B remains of $660-B approved so far for the subsidy program, which provides direct subsidies to businesses harmed by the virus chaos, which hammered the economy as consumers and workers were forced to stay at home through much of Spring.
The subsidies come in the form of federal loans that can be forgiven if businesses follow rules such as utilizing 60% of the loan for payroll costs. The loans been a lifeline to more than 4-M businesses.
Have a healthy day, Keep the Faith!