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Senate votes to extend Paycheck Protection Program

The Paycheck Protection Program was passed as part of the Cares Act to provide a direct incentive for small businesses to keep their workers on the payroll. (Photo courtesy: (CNN)
The Paycheck Protection Program was passed as part of the Cares Act to provide a direct incentive for small businesses to keep their workers on the payroll. (Photo courtesy: (CNN)(CNN)
Published: Jul. 1, 2020 at 4:05 PM CDT
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BISMARCK, N.D. (KFYR) - The Paycheck Protection Program was passed as part of the Cares Act to provide a direct incentive for small businesses to keep their workers on the payroll.

It was set to expire Tuesday, but just hours before that could happen, the Senate passed an extension. The first round of funding ran out in under two weeks, but the second round wasn’t quite as successful and there’s still about $134 billion of federal money yet to be used. The U.S. Senate passed the extension to give more struggling businesses an opportunity to apply. But state Small Business Administration leaders said businesses may not be jumping at that chance as more than 19,000 North Dakota businesses have already received their loan.

“The demand is tapering off and I think, at least in North Dakota, that our relationships with the businesses and the community banks has given everybody the opportunity to apply that needed it,” said state Small Business Administration Director Alan Haut.

Although demand for the loan is slowing down as the state reopens, small businesses who still need assistance may have the chance to apply for the loan up to August 8 if the extension passes.

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