Senate extends small business coronavirus relief program

Democrats drove a temporary extension of a popular subsidy program for small businesses through GOP-controlled Senate late Tuesday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and or businesses.

move by Maryland Sen. Ben Cardin came hours before a deline for applying for program, which was created in March and modified twice since. Cardin, top Democrat on Small Business Committee, asked for unanimous approval of extension of Paycheck Protection Program through Aug. 8.

Mirity lawmakers are hardly ever successful in such attempts, but pressure swayed Republicans controlling Senate, who have delayed consideration of a fifth coronavirus relief bill and are preparing to go home for a two-week recess.

About $130 billion remains of $660 billion approved so far for subsidy program, which provides direct subsidies to businesses harmed by coronavirus pandemic, which slammed ecomy as consumers and workers were forced to stay at home through much of spring.

subsidies come in form of federal loans that can be forgiven if businesses follow rules such as utilizing 60% of loan for payroll costs. loans been a lifeline to more than 4 million businesses.