Senate passes Paycheck Protection Program extension hours before deadline

The legislation would extend the deadline to file for the Paycheck Protections Program to Aug. 8.

News 12 Staff

Jul 1, 2020, 10:17 AM

Updated 1,486 days ago

Share:

With just hours to spare, the Senate passed an extension to the Paycheck Protection Program.
The legislation would extend the deadline to file for the Paycheck Protections Program to Aug. 8. The program was set to expire with more than $130 billion in unused allocated funds.
Many businesses faced challenges trying to secure financial relief through the Paycheck Protection Program. 
Ryan Thorman owns four Bango Bowls locations across Long Island. He had to shut his doors for two weeks when coronavirus first hit Long Island.
He had to apply twice for the PPP loan. Thorman said he was glad he continued to try because it saved his business, allowing him to pay employees, rent and bills.
For anyone starting the application process, he said it's important to have patience. 
"This is a first for everyone. It's a first for the government, first for all these banks. It's a big process and a lot of extra work and a lot of banks don't have the bandwidth to build support nets," he added.
The bill, proposed by Senate Democrats, passed unanimously.
The Democratic-led House now needs to act and President Donald Trump has to sign it.
The program has helped small businesses on Long Island and around the country struggling during the COVID-19 pandemic.
 


More from News 12