U.S. Senate passes bill lengthening coronavirus small business loan terms

The U.S. Senate on Wednesday approved legislation giving small businesses up to 24 weeks to use Paycheck Protection Program loans created during the coronavirus pandemic, up from the current eight-week deadline.

The legislation, already passed by the House of Representatives, now goes to President Donald Trump to sign into law. The program was created in March to support small businesses during the pandemic and encourage them to retain their employees.