The Senate is expected to approve a bipartisan deal Tuesday afternoon that would pump another $310 billion into the Paycheck Protection Program, a federal program designed to extend loans to small business owners to help retain their employees for two months and keep their companies afloat amid the coronavirus pandemic.
“There are still some more i’s to dot and t’s to cross, but we have a deal,” Senate Democratic Leader Chuck Schumer announced in an interview on CNN’s “New Day.”
Nearly a million small businesses were trapped in the application pipeline as PPP ran out of money last Thursday, according to the Senate Small Business Committee, as Democrats and Republicans fought over whether or not to include additional funding for other pandemic emergencies, like hospitals and testing.
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