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. The 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 Senate. Federal Reserve Chair Jerome Powell told lawmakers that a full economic recovery is unlikely until people feel safer going out. Congress has signed off on roughly $3 trillion in aid so far, but Powell and other policymakers have said more will be needed.
The Treasury Department and the Small Business Administration have handed out $515 billion since April to help companies make rent and keep workers employed.