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The U.S. Capitol dome in Washington. The U.S. Senate has reached a deal to extend the Paycheck Protection Program through Aug. 8.
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Senate passes extension of Paycheck Protection Program hours ahead of deadline

ASSOCIATED PRESS

Senate passes extension of Paycheck Protection Program hours ahead of deadline

The U.S. Senate unanimously voted on Tuesday to extend a $660 billion lending program in an effort to help small businesses that have been hit hard by the coronavirus, extending a lifeline just as it was due to expire.

The Democratic-controlled House of Representatives must also approve the extension, which would keep the Paycheck Protection Program operating through August 8.

The measure passed unanimously in the Republican-controlled Senate, where lawmakers have been at odds over what additional steps are needed to help people, businesses and local governments cope with a pandemic that has sickened more than 2.6 million Americans and killed more than 127,000.

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Federal Reserve Chair Jerome Powell told lawmakers that a full economic recovery is unlikely until people feel safe going out and about. Congress has signed off on roughly $3 trillion in aid so far, but Powell and other Fed policymakers have said more will be needed.

Ohio Republican Party Chairman Jane Timken addresses a crowd at a
Liz Skalka
Ohio Republicans call on Democratic Party to return federal loan

The Treasury Department and the Small Business Administration have handed out $515 billion since April to help cash-strapped companies make rent and keep workers employed.

First Published July 1, 2020, 3:13 a.m.

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The U.S. Capitol dome in Washington. The U.S. Senate has reached a deal to extend the Paycheck Protection Program through Aug. 8.  (ASSOCIATED PRESS)
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