Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for July 1:
- Senate votes to extend Paycheck Protection Program
- House passes emergency rent assistance legislation
- Pandemic causes coin shortage for U.S. businesses
Senate votes to extend Paycheck Protection Program
“We want to make sure the money gets out, and we also want to make sure those who really need it get the funds.”
In a surprise move, the Senate voted late last night to extend the deadline for loan applications for the Paycheck Protection Program until August 8.
While the legislation passed the Senate with unanimous vote, it must still pass the House of Representatives and be signed into law by President Trump. The legislation’s prospects in the House are uncertain, as it is supposed to go on recess at the end of this week.
The Trump Administration and both houses of Congress have signaled their desire to restructure the program at the end of July in order to better meet the needs of the small business community.
House passes emergency rent assistance legislation
“With so many families struggling as a result of the pandemic, we are now on the precipice of an eviction and homelessness crisis like we’ve never seen in our lifetimes.”
On Monday, the House of Representatives passed a bill that would allocate $100 billion for emergency rent and mortgage relief for people at risk of eviction or foreclosure due to the coronavirus pandemic.
Republicans in the House largely voted against the bill, citing concerns that it would use taxpayer money to prop up sky-high rent rates in large metropolitan areas. The bill is now up for consideration in the Senate.
Pandemic causes coin shortages for U.S. businesses
“They used to hate when we brought quarters in years back. We’d bring too many in. Now they’re asking for it.”
The Fed says that deposits of coins are down as fewer people have been using cash due to concerns about spreading the virus. Some economists believe that this could be another factor in accelerating the shift to digital currencies.