In Surprise Move, Senate Approves Extension Of Small Business Relief Program
The measure must still be approved by the House. With just hours left to go before the program was slated to end, senators agreed to give the Small Business Administration the ability to keep approving Paycheck Protection Program loans until Aug. 8. News outlets also detail the economic chaos caused by the coronavirus outbreak.
Senate Agrees To Extend Small Business Rescue In Surprise Move
The Senate in a surprising move Tuesday evening passed legislation that would keep the government's massive small business rescue program alive just as it was set to close down within hours with $130 billion left unspent. The bill approved by unanimous consent would give the Small Business Administration authority to continue approving Paycheck Protection Program loans, which can be turned into grants, until Aug. 8. To keep the loans flowing, the House would need to pass the legislation and send it to President Donald Trump for his signature. (Warmbrodt, 6/30)
The Washington Post:
Senate Reaches Deal To Extend Paycheck Protection Program Hours Before It Was Set To Expire
Prospects for the legislation in the House, however, were uncertain. Both chambers are set to adjourn for a two-week recess by week’s end. The short-term agreement came together in behind-the-scenes negotiations involving Senate Minority Leader Charles E. Schumer (D-N.Y.), Sens. Marco Rubio (R-Fla.), Susan Collins (R-Maine), Christopher A. Coons (D-Del.) and others. (O'Connell, Werner and Gregg, 6/30)
Generations Of Americans Are Unemployed In The COVID-19 Economy. Hear Their Stories.
When Daniel Martinez drives by the car dealership in Houston where he worked as a field service technician, his 3-year-old daughter will point to it and say, “Look, Daddy’s work.” Martinez, 28, had been earning enough money to support his wife and their daughter and was beginning to look at upgrading the family’s small apartment to a house. But he was laid off in April as coronavirus cases began to soar, and he lost his employer-provided health insurance. The dream of a new home vanished. (McCausland, 6/30)
The Washington Post:
How The Coronavirus’ Spike Is Complicating Hopes Of A Full Economic Recovery
Millions of American workers are suffering from economic whiplash, thinking they were finally returning to work only to be sent home again because of the coronavirus’s latest surge. Stores, restaurants, gyms and other businesses that reopened weeks ago are shuttering once more, and this time Congress appears less inclined to provide additional aid. Other companies that had banked on customers returning and restrictions lifting — such as hotel chains, construction firms and movie theaters — are seeing hours cut and reopening dates pushed back indefinitely as consumer demand stalls. (Rosenberg and Bhattarai, 6/30)