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House approves changes to business virus aid subsidy program

By ANDREW TAYLOR and LISA MASCARO
Associated Press

WASHINGTON (AP) -- The House has passed an overwhelmingly bipartisan measure to modify a new "paycheck protection" program for businesses that have suffered COVID-related losses.

It would give businesses more flexibility to use federal subsidies for other business costs and extend the program for four additional months.

Senate passage is likely next week. But talks on a much bigger measure to inject more than $3 trillion more into the economy remain stalled.

The Paycheck Protection Program required businesses to spend their loan money within an eight-week window to get the loans forgiven.

The new measure gives business owners 24 weeks to spend the federal aid.

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Associated Press

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