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WASHINGTON—The House approved a bipartisan bill that would loosen requirements on hundreds of billions of dollars in small-business loans, responding to concerns from employers struggling to stay open during the coronavirus pandemic.
The House bill reduces the level of Paycheck Protection Program funds that must be used for payroll to 60% from 75%. The bill also gives borrowers up to 24 weeks to use the funds, up from the eight set in the initial bill passed in March, and extends the deadline to rehire workers to Dec. 31.
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