House Approves Changes To Business Virus Aid Subsidy Program

Click here for the latest coronavirus news, which the BDN has made free for the public. You can support our critical reporting on the coronavirus by purchasing a digital subscription or donating directly to the newsroom. WASHINGTON — The House gave sweeping bipartisan approval Thursday to legislation to modify a new “paycheck protection” program for businesses that have suffered COVID-related losses, giving them more flexibility to use federal subsidies for other costs and extending the lifespan of the program as the economy continues to struggle. [Our COVID-19 tracker contains the most recent information on Maine cases by county] The compromise measure passed by a 417-1 vote and now heads to the Senate, where leaders face a choice between sending the House measure directly to President Donald Trump or trying to pass a companion measure that could be more difficult to advance. Trump is expected to sign the paycheck protection bill into law, though talks remain stalled on a much bigger measure to inject more than $3 trillion into the tumbling economy. A spokesman for Minority Leader Chuck Schumer, D-N.Y., said he supports the House measure and will seek a Senate vote next week. The changes to the program come as many smaller businesses such as restaurants struggle to survive coronavirus -related ruptures to the economy as states permit shuttered businesses to reopen. As enacted in late March, the Paycheck Protection Program required businesses to spend their loan money within an eight-week window to get the loans forgiven.