U.S. Senate extends small business coronavirus relief program to Aug. 8 – National

Democrats drove a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate late Tuesday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.

The move by Maryland Sen. Ben Cardin came hours before a deadline for applying for the program, which was created in March and modified twice since.

Cardin, the top Democrat on the Small Business Committee, asked for unanimous approval of the extension of the Paycheck Protection Program through Aug. 8.

Read more:
U.S. coronavirus outbreak is ‘going to be very disturbing,’ Fauci warns

Minority lawmakers are hardly ever successful in such attempts, but the pressure swayed Republicans controlling the Senate, who have delayed consideration of a fifth coronavirus relief bill and are preparing to go home for a two-week recess.

Story continues below advertisement

About $130 billion remains of $660 billion approved so far for the subsidy program, which provides direct subsidies to businesses harmed by the coronavirus pandemic, which slammed 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 million businesses.

© 2020 The Canadian Press

Source link

More Articles for You

Coronavirus cases surge in world’s most remote places — Timbuktu is one of them  – National

Harandane Toure started taking malaria pills when he first spiked a fever but as the days passed his illness only …

Trump threatens to veto defense bill to keep Confederate base names

President Trump threatened to veto what is considered a must-pass $740 billion defense spending bill unless it drops a requirement …

California smashes daily coronavirus record with over 8,000 confirmed cases

California recorded its highest daily coronavirus count for the third time in just over a week on Monday with 8,000 …

Mexico president set to meet with Trump next week in first-ever foreign visit – National

Mexico’s president is poised to hold a first meeting with his U.S. counterpart Donald Trump next week after the Mexican …

Florida man stuck on property with 200+ exotic birds

Now he’s the one stuck in a cage. Majid “Magic” Esmaeili lives in and operates a bird sanctuary near Tampa …

NYC council passes budget with nearly $1B cuts to police, critics say it falls short – National

The New York City Council voted to pass the 2021 budget on Tuesday night with cuts to police funding after …