House passes extension of small business relief program


The House on Wednesday passed a bill extending the Paycheck Protection Program.
The extension was approved Tuesday evening in the Senate by unanimous consent, just a few hours before the program was scheduled to end. It gives the Small Business Administration the authority to continue approving Paycheck Protection Program loans through Aug. 8.
Nearly 4.9 million loans worth $520.6 billion have been approved so far, with more than $130 billion left unspent. As part of coronavirus relief efforts, the loans can be turned into grants. The bill now heads to President Trump's desk for his signature.
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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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