Senate passes legislation making it easier for small businesses to use pandemic relief program

Published June 4, 2020 2:24am ET



The U.S. Senate passed legislation on Wednesday that makes it easier for companies to access and use small-business relief loans intended to avoid mass layoffs during the pandemic, sending the first major restructuring of the program to President Trump for signature.

The bill, passed by unanimous consent, will allow small businesses to use their funds over 24 weeks instead of eight, extend the coverage period the money can be applied for and used to Dec. 31 instead of June 30, and lower the requirement to use funds on payroll from 75% down to 60%. The House of Representatives last week passed the bill in a 417-1 vote.

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