The Senate yesterday passed legislation to ease restrictions on emergency small business loans intended to avert mass layoffs during the pandemic, sending the first major overhaul of the program to President Donald Trump for his signature, Politico reported. The bill, passed by unanimous consent, would relax rules under the $670 billion Paycheck Protection Program to give borrowers more time to spend the money and use it on a broader set of expenses while still qualifying to have the loans forgiven — a key feature offered in exchange for employers maintaining payrolls. The House last week passed the bill in a 417-1 vote. But passing the bill in the Senate proved to be a challenge for Majority Leader Mitch McConnell and Minority Leader Chuck Schumer. Republicans including Sen. Ron Johnson (R-Wis.) resisted at first, with Johnson on Wednesday blocking an initial attempt by Schumer to pass the bill unanimously and demanding assurances about the legislation's intent. He dropped his objections later in the day, allowing the Senate to quickly pass the bill and send it to Trump.
