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Supporters got a major boost on on Tuesday night when the House overwhelmingly passed the measure in a 415-3 vote. The bill now heads to the Senate.
The main groups pushing for the extension represent small businesses in industries like retail, travel and restaurants.
“We want to make sure that people are applying for relief through any mechanism possible and PPP is an important part of the recovery toolbox,” said Sean Kennedy, executive vice president of public affairs at the National Restaurant Association.
A $28.6 billion stabilization fund for the restaurant industry garnered bipartisan support and was included in the $1.9 trillion American Rescue Plan, which received no GOP backing. Kennedy said it’s unclear how quickly those funds are going to run out.
Treasury says state tax cuts OK if separated from virus aid
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Some SBA PPP loans could be upsized after deadline extension - Washington Business Journal
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The biggest federal stimulus package in U.S. history includes several spending items that will help the financial services industry weather the final stages of the pandemic and related economic downturn.
President Joe Biden signed the sweeping $1.9 trillion coronavirus relief package last week, and $1,400 checks are already arriving in individual bank accounts. Although the checks are getting the most attention, several items in the bill will help small-employer agencies and advisor businesses, trade association executives say.
More funding for the Paycheck Protection Program is big for small employers, said Armstrong Robinson, chief advocacy officer for Finseca. The stimulus bill includes $7.25 billion in additional PPP funding.