House approves extension of coronavirus small business loan deadline

The House of Representatives has passed a bill to extend the deadline for the Paycheck Protection Program.

@Jak_ConnorTT
Published Thu, Jul 2 2020 5:34 AM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

This past Wednesday, the House of Representatives has passed a bill that extends the deadline to apply for the Paycheck Protection Program loans during the coronavirus pandemic.

According to CNBC, the House has voted to extend the deadline for the Paycheck Protection Program that small businesses can apply for. The Paycheck Protection Program is aimed at assisting small businesses to keep employees on and working throughout the many closures due to the pandemic. The Senate has already approved of the extension, which extends the deadline to request Paycheck Protection Program loans to August 8th, from June 30th.

On top of that, lawmakers have also passed a bill that changes the conditions for getting loans forgiven. This has been done by reducing the share of funds businesses are required to spend on payroll, while also extending the amount of time they have to spend the money. The House passed the bill with a unanimous vote, and now it's headed to President Donald Trump for his signature.

House approves extension of coronavirus small business loan deadline 09 | TweakTown.com
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NEWS SOURCE:cnbc.com

Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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