US Senate approves expansion of small business lending amid pandemic
The US Senate on Tuesday approved an additional $ 484 billion coronavirus relief package, which provides more 310 billion dollars more funding for the paycheck protection program. The program, designed to provide small businesses with forgivable loans to keep workers employed during the COVID-19 crisis, ran out of money on April 16.
The Paycheck Protection Program is helping keep businesses afloat as the economy nears halt during the pandemic. Small businesses with 500 or fewer employees can apply for loans under the Paycheck Protection Program.
The National Retail Federation (NRF) welcomed the new relief program, saying it was essential to keep retailers in business.
“Retailers continue to face the catastrophic hardships of COVID-19 and small retailers are hit the hardest,” said Matthew Shay, president and CEO of NRF. “The CARES Act was an important first step, but funding for the Paycheck Protection Program has already been depleted and additional relief is essential to keep employees of small retailers on the payroll and contribute to the economy. until we can overcome this challenge. This aid is too important to be granted on a first come, first served basis and limited to those who were the fastest to submit their application. This will ensure that those who need help the most will benefit. “
The US House of Representatives is expected to pass and pass the legislation on Thursday with overwhelming bipartisan support, followed shortly by legislation being signed by the president.