U.S. Capitol Building
The U.S. Capitol Building (Courtesy of Wikimedia Commons)

The Senate, through the efforts of Sen. Ben Cardin (D-Md.) and the Democratic caucus, has approved a temporary extension of the Paycheck Protection Program (PPP).

The extension, approved late Tuesday, runs through Aug. 8, The Associated Press reported.

The PPP, conceived in March through the CARES Act by the Congress and signed into law by President Trump, provides federal loans to businesses affected by the coronavirus pandemic. The program mandates that businesses use 60 percent of any loan for payroll costs, which will result in forgiveness of the loan.

Senate Minority Leader Chuck Schumer (D-N.Y.) praised the extension.

“There are large numbers of businesses who are going to need to apply now,” Schumer said, AP reported. “Had this program run out today, they would have been out of luck. Now with this renewal, short time, August 8, they at least get the chance to reapply.”

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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