The Senate Wednesday passed legislation giving thousands of restaurants, nail salons and other small businesses greater access to the Paycheck Protection Program, the federal lifeline designed to help them stay afloat during the coronavirus pandemic.
Some Republicans initially objected to the measure over technical issues and a desire to close loopholes to prevent the money from going to businesses less in need of financial help. But they agreed to pass the bill while they work on legislation to make further reforms.
The bill, which overwhelmingly passed in the House last week and is now headed to President Donald Trump's desk, loosens some key rules regarding loan repayment and spending restrictions of the PPP.
The program, created in March as part of the nearly $2 trillion CARES Act, has provided nearly 4.5 million small businesses with an infusion of cash to keep their workers on the payroll during the coronavirus pandemic that has devastated the U.S. economy and upended daily life.
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The $660 billion programprovides businesses employing up to 500 workers forgivable loans of as much as $10 million. The average loan is $113,705, according to the Small Business Administration.
But many businesses said the program's structure is too rigid to accommodate different types of small businesses, especially restaurants whose rent-heavy expenses do not fit well in a program that prioritizes rehiring of employees.
Unintended beneficiaries:Hundreds of publicly traded companies got more than $1 billion from PPP small-business fund
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