05/22/2020

Congress Moving Separate Bills to Change PPP Loans

There are two bills before lawmakers now

Sen. Marco Rubio (R-FL), chairman of the Senate Small Business Committee, introduced legislation this week to extend the Paycheck Protection Program (PPP). While Rubio had been optimistic about the Senate taking the bill up today before a Memorial Day recess, the vote did not happen.

Rubio said there is bipartisan support for extending the current eight-week time period during which businesses must use the PPP loan money to pay employees and other expenses in order to have the loan forgiven. Rubio’s bill, which is also supported by Sen. Ben Cardin (D-MD), would give businesses up to 16 weeks to use the loans.

“Businesses are starting to reopen their doors, and if they had a few more weeks they could rehire everybody,” Rubio said earlier this week.

Please select this link to read the complete article from Associations Now.