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.
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