Speaker of the House of Representatives Nancy Pelosi, Democrat of California, leads a press conference at the Capitol Visitor Center on Thursday, June 18, 2020.
Tom Williams | CQ-Roll Call, Inc via Getty Images
The House passed a bill Wednesday to extend the deadline to apply for forgivable help for small businesses through a key coronavirus relief program.
The legislation, which the Senate has already approved, extends the term to request loans from the Paycheck Protection Program until August 8 from June 30. The measure, unanimously approved, is addressed to President Donald Trump for his signature.
Congress created the program as part of the $ 2 trillion pandemic rescue package approved in March. Its goal is to help small businesses keep employees on payroll during closings designed to curb the outbreak.
The Trump administration has yet to disburse $ 130 billion in loan funds earmarked for the program.
Congress first put $ 349 billion into the PPP, but the money quickly evaporated. He then injected another $ 310 billion into the program, with $ 60 billion going to small lenders in response to concerns that companies with no existing bank relationship were having trouble getting loans.
Lawmakers also passed a bill to change the conditions for their loans to be forgiven, including reducing the portion of funds companies must spend on payroll and extending the amount of time they have to use the money.
Congress hopes to consider another coronavirus relief plan later this month. Among a number of other proposals, lawmakers will decide whether to approve more aid for small businesses.
In a tweet Tuesday, the president of the Senate Small Business Committee, Sen. Marco Rubio, R-Florida, said that the “vast majority” of people who wanted a PPP loan “have already used it.” He added that “what we really need to approve very soon is targeted aid for those who need a second round of aid.”
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