Lawmakers in both the House and Senate are proposing some pretty major changes to the Paycheck Protection Program, as businesses and lobbyists voice concerns the program doesn’t give them enough flexibility to spend the funds.
On Thursday, the Senate adjourned without voting on a bipartisan bill to extend the time frame in which small businesses need to use funds for the PPP loans to 16 weeks, from the current eight weeks, as well as extend the June 30 deadline for applying to Dec. 31 (lawmakers had expected to pass the bill unanimously). The Senate session ended late Thursday without a vote, and senators headed to a weeklong recess.
Under the current legislation, the first recipients of PPP loans are almost out of time to spend the funds.
The new proposed bill in the Senate, spearheaded by Sen. Marco Rubio (R-Fla.), chairman of the Committee on Small Business and Entrepreneurship; Sen. … Read More