Paycheck Protection Program nears end with $130 billion left unused, and lawmakers eye next step


Source: The Washington Post
By Jonathan O’Connell, Erica Werner, and Aaron Gregg

June 30, 2020

The stimulus program that has both infuriated and sustained small-business owners since its launch in April is now set to close with more than $130 billion left unused, prompting lawmakers to consider how to repurpose the money for the still-ailing economy.

With the deadline to apply for the Paycheck Protection Program coming just before midnight Tuesday night, Sens. Marco Rubio (R-Fla.) and Ben Cardin (D-Md.) are leading a group considering how best to use the remaining funds to help small businesses as they begin to reopen.

Rubio is working on legislation that would create new programs to expand uses for the funds, such as allowing chambers of commerce to apply as well as directing more money to certain businesses that prove they were affected by the pandemic.

Congress is expected to take up further legislation to confront the pandemic in late July. Treasury Secretary Steven Mnuchin has previously expressed support for additional economic measures, telling a congressional panel June 10 that he felt another round of financial assistance would be necessary.

Read the full article here.


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