McConnell says Senate to take up House's PPP flexibility bill
WASHINGTON _ Senate Majority Leader Mitch McConnell said his chamber would "soon" vote on a House bill passed last week that would add flexibility to a loan program helping small businesses survive the economic crisis caused by the novel coronavirus.
"I hope and anticipate the Senate will soon take up and pass legislation that just passed the House by an overwhelming vote of 417-1 to further strengthen the Paycheck Protection Program so it continues working for small businesses that need our help," McConnell, R-Ky., said Monday.
The House passed a bill last week that would make a few tweaks to the Small Business Administration's Paycheck Protection Program, which offers companies forgivable loans that act like grants so long as the money is used mostly to pay employees.
The legislation would give small businesses more time to use the PPP funds and allow them to use more money for nonpayroll expenses.
The program, created as part of the roughly $2 trillion economic relief package passed in March, currently requires small businesses to spend the loans within eight weeks in order to have the debts forgiven. The House bill would lengthen that time to 24 weeks, reflecting the longer-than-expected duration of the coronavirus stay-at-home orders.
The legislation would also reduce an administration rule that requires borrowers to use at least 75% of the loans on payrolls to 60%.
_CQ Roll Call
