The U.S. Senate unanimously voted on Tuesday to extend a US$660 billion lending program in an effort to help small businesses that have been hit hard by the coronavirus, extending a lifeline just as it was due to expire.
FILE PHOTO: Shops and businesses are seen closed due to the business downturn caused by the coronavirus disease in Honolulu, Hawaii, U.S. April 28, 2020. Picture taken April 28, 2020. REUTERS/Marco GarciaWASHINGTON: The U.S. Senate unanimously voted on Tuesday to extend a US$660 billion lending program in an effort to help small businesses that have been hit hard by the coronavirus, extending a lifeline just as it was due to expire.
The Democratic-controlled House of Representatives must also approve the extension, which would keep the Paycheck Protection Program operating through August 8.The measure passed unanimously in the Republican-controlled Senate, where lawmakers have been at odds over what additional steps are needed to help people, businesses and local governments cope with a pandemic that has sickened more than 2.6 million Americans and killed more than 127,000.
Federal Reserve Chair Jerome Powell told lawmakers that a full economic recovery is unlikely until people feel safe going out and about. Congress has signed off on roughly US$3 trillion in aid so far, but Powell and other Fed policymakers have said more will be needed. The Treasury Department and the Small Business Administration have handed out US$515 billion since April to help cash-strapped companies make rent and keep workers employed.