President Donald Trump signed bipartisan legislation Friday to give thousands of small businesses more flexibiilty with Paycheck Protection Program requirements, such as loan repayment and spending restrictions.
Under the new rules, businesses won't be obligated to spend as much of their federal loans on payroll and have 16 more weeks to use the funds.
The program was created in March as a major component of the CARES Act. It has already distributed $550 billion to small businesses across the country. There's about $120 billion in approved funding left.
The measure was passed overwhelmingly by the House. Then the Senate approved by voice, which requires unanimous agreement.
Initially, a Republican senator objected, blocking the vote. But after negotiations promised a clarification of the authorization period, that senator agreed to pass the legislation.
Senate Minority Leader Chuck Schumer said prior to the vote: "We must get this done. Businesses are going under every day."
