In this file:
· PPP deadline extension approved by Congress
· Senate Democrats push to extend enhanced unemployment benefit until jobless rates fall
PPP deadline extension approved by Congress
If signed by President Trump, businesses can apply for loans through Aug. 8
Lisa Jennings, Nation's Restaurant News
Jul 01, 2020
The House reportedly voted unanimously Wednesday to pass a Senate bill extending the Paycheck Protection Program, or PPP, through August 8.
The bill, which now goes to the President for signature, keeps the program intact but extends the window for loan applications for another five weeks. The application deadline was June 30 and the Small Business Administration had stopped accepting requests.
As of Tuesday, the SBA had approved 4.9 million loans totaling $520.6 billion, leaving more than $130 billion still available. Once the bill is signed by the President, the SBA is expected to begin accepting loan applications again…
Senate Democrats push to extend enhanced unemployment benefit until jobless rates fall
· Senate Democrats introduced a bill to extend the $600 per week federal unemployment benefit and phase it out when state unemployment rates fall below certain levels.
· Americans risk seeing their income fall off a cliff when the enhanced unemployment insurance passed as part of the congressional coronavirus relief plan expires at the end of July.
· Republicans have opposed extending the program.
Jacob Pramuk, CNBC
Jul 1 2020
Senate Democrats unveiled a plan Wednesday to extend enhanced unemployment benefits until a drop in a state’s unemployment rate, when it would be phased out.
Congress approved in March an additional $600 per week in federal unemployment insurance, on top of what states normally provide, as part of the $2 trillion pandemic rescue package. The policy has given the millions of workers laid off or furloughed during the outbreak a critical income backstop, but it expires at the end of the month even as the U.S. unemployment rate hovers above 13%.
The Democrats’ plan marks a starting point in talks on a relief bill with Republicans, who want to let the unemployment benefit expire at the end of the month. Democrats say the bill would improve the program by tying additional aid to economic conditions rather than setting an arbitrary date to end it.
The legislation would extend the enhanced insurance through March but reduce the amount beneficiaries receive as the economy recovers. Once a state’s three-month average unemployment rate dips below 11%, the benefit would get cut by $100 for every percentage point the jobless rate falls until it slides below 6%.
For example, beneficiaries would get an extra $500 per week if their state’s average unemployment rate sits between 10% and 11%. Once it drops below 10%, the enhanced benefit would fall to $400 per week...