Senate May Pass Paycheck Protection Program Fix Today
The U.S. Senate may attempt to pass legislation today that would extend the time frame for businesses to use Paycheck Protection Program funds beyond the eight weeks that are currently allowed. The fix, which has bipartisan support in the Senate’s Small Business Committee and from Treasury Secretary Steve Mnuchin, would expand the window to 12 weeks or more.
Senator Marco Rubio, chair of the Small Business Committee, tweeted, "Feel increasingly (yet cautiously) optimistic we will have strong bipartisan support to pass a bill today that would extend the period in which small businesses can use #PPP funds.”
Speaking to The Hill, Secretary Mnunchin said, “That's something we definitely want to fix. It doesn't cost us any more money, and there is bipartisan support.”
Secretary Mnunchin also noted that $100 billion in untapped funds remains available to the program, and most of the conversations at the moment are on its implementation, rather than directing more money to it. However, he is resistant to relaxing the rule that 75 percent of program loans must go to payroll, rather than to general business overhead costs such as mortgage, rent and utilities.