The legislation eases the guidelines small business aid recipients have to meet during the coronavirus pandemic in order to get loans forgiven.
The measure eases the conditions small businesses have to meet in order to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic.
Trump said the legislation "will especially help restaurants, hotels and other businesses that have been very hard hit by the virus."Allows businesses to use the money for six months instead of two monthsGives loan recipients a longer period of time to repay the loansThough the bill passed by voice vote this week, it did not get through the Senate before Sen. Ron Johnson, R-Wisc., got assurances about future changes. He wants the PPP to expire earlier than originally planned.
Congress first put $350 billion into the small business loan program. After the government quickly doled out that money during a chaotic rollout, lawmakers put another $310 billion into the PPP — with $60 billion going directly to small lenders. The president spoke shortly after the Bureau of Labor Statistics reported that the economy added 2.5 million jobs in May, blowing away expectations of millions more jobs lost due to the pandemic.
The numbers showed, however, that many of the jobs added were from temporary furloughs and layoffs. The unemployment rate is 13.3%, and the jobless rates for minority groups remain high.This is breaking news. Please check back for updates.
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