The U.S. House approved a two-month extension of a popular U.S. small-business rescue program that still has almost $93 billion left to distribute, giving companies until the end of May to apply for the forgivable loans.
The Paycheck Protection Program was initially set up a year ago as lockdowns stemming from the coronavirus paralyzed the American economy. Lawmakers expanded and extended it as the Covid-19 crisis continued.
The House voted 415-3 on a bill extending the PPP for two months from its current expiration date of March 31. The Senate is expected to also
The Fed extended the Paycheck Protection Program Liquidity Facility through June 30.
The facility allows banks to continue pledging loans made through the PPP to small businesses.
The PPP itself, part of last March’s stimulus, is still set to expire March 31.
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Ahead of its expiration date on March 31, the
Federal Reserve Board announced on Monday that it is extending the Paycheck Protection Program (PPP)
Liquidity Facility through the end of June, allowing continued distribution of funds through the PPP to small businesses.
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