House expected to approve PPP changes
A bipartisan proposal to improve the terms of the Small Business Administration’s Paycheck Protection Program (PPP) is expected to be voted on in the House next week.
The measure would make the popular forgivable loan program more flexible and extend the time limit for using the money, the Speaker of the House said. Nancy Pelosi Bloomberg News said Wednesday (May 20) reported.
This bill is separate from the $ 3 trillion tracking relief measure which passed the House last week amid Republican opposition. It provides cash to cash-strapped state and local governments, a second direct payment to Americans, a risk premium for frontline workers, more money for coronavirus testing, and a temporary cancellation of the cap. national and local tax deductions.
Republicans have expressed support for the PPP changes this week, the news service reported.
“Companies are starting to reopen their doors, and if they had a few more weeks, they could rehire everyone”, Senator Marco Rubio, said the chairman of the small business committee at an event hosted by the American Enterprise Institute on Tuesday, May 19.
The Senate may be able to get unanimous consent to make the changes this week and send the legislation to the House, a Senate aide told the press service.
Under the revised PPP, eligible companies could use payroll forgivable loans for more than eight weeks as part of the initial program and relax the requirement that 75% of loans be used for payroll.
It was presented by Minnesota Democrat Dean Phillips and Texas Republican Chip Roy.
“We need to rethink the paycheck protection program to make it accessible to everyone from food trucks and four-star restaurants to your favorite concert venue,” Phillips told Bloomberg. “While the PPP has helped millions of small businesses keep their lights on, millions more are staying outside to watch.”
Pelosi said the amended PPP legislation has a very good chance of being passed.
“I think public opinion will be our friend in this regard,” she said.