Expansion of the in-demand but problem-plagued Paycheck Protection Program got a push toward extension in the House this week, with prospects for Senate action along similar lines to follow. A new big U.S. virus aid package is still many weeks off, though. And the European Commission floats the idea of new taxes as a way to pay pandemic debt.
The $669 billion coronavirus relief loan program to keep 30 million U.S. small businesses afloat during the crippling pandemic has abruptly slowed. Created at the end of March as a stopgap to keep workers employed for eight weeks during a self-induced coma of the economy, the program known as PPP is about to outlive its own purpose.