The U.S. Senate unanimously approved legislation on Wednesday giving small businesses up to 24 weeks to use Paycheck Protection Program loans created during the coronavirus pandemic, up from the current eight-week deadline.
The legislation, already passed by the House of Representatives, now goes to President Donald Trump to sign into law. The program was created in March to support small businesses during the pandemic and encourage them to retain their employees.
Democratic Senator Ben Cardin said that Washington had so far handed out 4.4 million forgivable loans valued at a total of $510 billion. He called it a “lifeline” for businesses struggling during the pandemic. A total of $659 billion has been provided by Congress for the loan program, which is part of broader coronavirus emergency aid totaling around $3 trillion so far.
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