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Senate Extends Small Biz Relief Plan   07/01 06:33

   Democrats drove a temporary extension of a popular subsidy program for small 
businesses through the GOP-controlled Senate late Tuesday, an unexpected 
development that came as spikes in coronavirus cases in many states are causing 
renewed shutdowns of bars and other businesses.

   WASHINGTON (AP) -- Democrats drove a temporary extension of a popular 
subsidy program for small businesses through the GOP-controlled Senate late 
Tuesday, an unexpected development that came as spikes in coronavirus cases in 
many states are causing renewed shutdowns of bars and other businesses.

   The move by Maryland Sen. Ben Cardin came hours before a deadline for 
applying for the program, which was created in March and modified twice since. 
Cardin, the top Democrat on the Small Business Committee, asked for unanimous 
approval of the extension of the Paycheck Protection Program through Aug. 8.

   Minority lawmakers are hardly ever successful in such attempts, but the 
pressure swayed Republicans controlling the Senate, who have delayed 
consideration of a fifth coronavirus relief bill and are preparing to go home 
for a two-week recess.

   About $130 billion remains of $660 billion approved so far for the subsidy 
program, which provides direct subsidies to businesses harmed by the 
coronavirus pandemic, which slammed the economy as consumers and workers were 
forced to stay at home through much of spring.

   The subsidies come in the form of federal loans that can be forgiven if 
businesses follow rules such as utilizing 60% of the loan for payroll costs. 
The loans been a lifeline to more than 4 million businesses.

   Top Senate Democrat Chuck Schumer of New York took a victory lap after the 
unexpectedly successful maneuver, saying renewed economic troubles are reviving 
interest in the program.

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

 
 
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