The House unanimously passed an extension of the $660 billion Paycheck Protection Program, aimed at helping small businesses amid the pandemic. The vote came a day after the Senate approved the measure.
The program was created as part of the original $3 trillion package of economic pandemic relief measures that passed Congress in March. The forgivable loans, doled out by the Small Business Administration, are meant to help small businesses keep employees on the payroll despite lockdowns and a general downturn in business as a result of the coronavirus.
There was a scramble to claim the first round, amounting to $349 billion, which was exhausted in justOn Tuesday, Treasury Secretary Steven Mnuchin suggested the remaining $140 billion in loans under the program could be repurposed to aid restaurants, hotels and other industries hit hardest by the pandemic.
The extension passed by Congress is aimed at keeping the spigot open while lawmakers mull reworking the program.
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