On Tuesday, the Senate passed legislation to extend the deadline for companies to apply for coronavirus aid under the Paycheck Protection Program (PPP), which will expire at the end of Tuesday.
According to the bill passed by the Senate by unanimous consent, the deadline to apply for PPP loans, which go to companies with fewer than 500 employees, will be extended until August 8.
There is approximately $ 130 billion in unspent money under the Paycheck Protection Program, prompting a discussion among lawmakers about what to do with the funds.
Senator Ben cardin
Benjamin (Ben) Louis CardinSenate Approves Extension of Application Deadline for PPP Loans to Small Businesses 1,700 Soldiers Will Support Trump’s ‘Salute to America’ Celebrations July 4: Republican Pentagon Lawmakers Support Israeli Plan to Annex Areas in West Bank MORE (Md.), The top Democrat on the Senate Small Business Committee, said that while there should be another round of aid for small businesses, extending the application period will delay the deadline until the Senate enters its August recess, with lawmakers’ eyes on another coronavirus bill next month.
“The resources are there. The need is there. We just need to change the date,” Cardin said of the bill.
Senator Marco Rubio
Marco Antonio RubioSenate Approves Extension of Application Deadline for Small Business PPP Loans Republican Senate Begins Drafting Upcoming Coronavirus Proposal Republican Senator Calls Reports on Russia Rewards ‘Absolutely Inaccurate’ After Briefing from the White House MORE (R-Fla.), Chairman of the Small Business Committee, said he has no objection to extending the application deadline, but that “the vast majority of #SmallBusiness who wanted to benefit from the program have already used it.”
Senator Susan Collins
Susan Margaret CollinsSenate Approves Extension of Application Deadline for Small Business PPP Loans Political Establishment Affected as Supreme Chaos Reigns This Week: Democrats Ready to Move Healthcare and Infrastructure Proposals in November MORE (R-Maine), who helped negotiate the initial small business sections of the March coronavirus bill, said extending the deadline would ensure “we don’t see a disruption to this program” as Congress negotiates another bill. coronavirus relief.
It was not immediately clear if the Democratic request could clear the Senate. Democrats have tried to pass other coronavirus-related legislation this week, but have been blocked by Republicans. Under Senate rules, any senator can try to pass a bill unanimously, but any senator can object.
“I am happy because we have an agreement … I came here thinking that we could not reach an agreement,” said the senator. Jeanne shaheen
Cynthia (Jeanne) Jeanne ShaheenSenate Approves Extension of Small Business PPP Loan Application Deadline Night Defense: Lawmakers Demand Responses on Russian Rewards for US Troop Deaths in Afghanistan | Defense Law Amendments Point To Withdrawal From Germany, Pentagon Program That Gives Arms To Police Senators Aim To Limit Trump’s Ability To Withdraw Troops From Germany MORE (DN.H.) said from the floor of the Senate.
Senator Rick Scott (Florida) tried to change the bill to include the requirement that any new loan have to go to companies that have seen a decrease in income due to the coronavirus.
“Under my colleagues’ proposal, businesses that have not been harmed by the coronavirus will have the ability to receive taxpayer-funded loans,” Scott said.
But Cardin rejected the change, noting that while he agreed with Scott’s concerns, he did not want to change the guidelines mid-program. Scott then stepped back and let the app extension erase the Senate.
“I appreciate what you’re doing. I’m not going to stand in the way of this,” he said.
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