The US Senate, just hours before the expiration of the small business loan Paycheck Protection Program, passed an extension of the program to August 8th. U.S. Senator Tina Smith:
“You know the Paycheck Protection Program has been not perfect by a long shot and I remain concerned that those dollars haven’t always gotten to the smallest businesses, especially the businesses — the main street businesses that have struggled the most during this COVID economic crisis.”
The move to keep the application process for the program open comes as it was set to expire with more than $130 billion in allocated funds that remain unused. The legislation still needs to clear the U.S. House.