FILE PHOTO: View of the U.S. Capitol Building ahead of a series of votes in the House of Representatives, on Capitol Hill in Washington, U.S., May 27, 2020. REUTERS/Tom Brenner
WASHINGTON (Reuters) – The U.S. House of Representatives on Thursday overwhelmingly approved legislation increasing the amount of time, to 24 weeks from the current eight-week deadline, for small businesses to use Paycheck Protection Program loans.
The legislation, passed by a vote of 417-1, now goes to the Senate for consideration. The program was created in March to help support small businesses during the coronavirus pandemic and encourage them to retain their employees.
Reporting by Richard Cowan; editing by Jonathan Oatis
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source: reuters.com