Bipartisan senators introduce bill to make changes to the Paycheck Protection Program

Bipartisan senators introduce bill to make changes to the Paycheck Protection Program
© Greg Nash

Sens. Angus KingAngus KingSenate backers of new voting rights bill push for swift passage Stacey Abrams backs Senate Democrats' voting rights compromise NY Democrat tests positive for COVID-19 in latest House breakthrough case MORE (I-Maine) and Steve DainesSteven (Steve) David DainesWarren, Daines introduce bill honoring 13 killed in Kabul attack Daines to introduce bill awarding Congressional Gold Medal to troops killed in Afghanistan Powell reappointment to Fed chair backed by Yellen: report MORE (R-Mont.) introduced legislation to extend the time businesses have to use funds from the Paycheck Protection Program (PPP) and eliminate the limit on using funds for non-payroll expenses.

The Paycheck Protection Program Flexibility Act, introduced on Thursday, would allow businesses to extend the period, which is currently eight weeks, to 24 weeks. Treasury Secretary Steven MnuchinSteven MnuchinMenendez, Rubio ask Yellen to probe meatpacker JBS The Hill's Morning Report - Presented by Goldman Sachs - Biden rallies Senate Dems behind mammoth spending plan Mnuchin dodges CNBC questions on whether Trump lying over election MORE said Monday that the administration is working on expanding this period but didn't commit to 24 weeks. 

The bill would also eliminate restrictions in the PPP that only 25 percent of the loan can go to non-payroll expenses and restrictions that limit loan terms to two years.

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The U.S. Chamber of Commerce, International Franchise Association, American Hotel and Lodging Association, National Restaurant Association, and National Retail Association, among other groups, have voiced their support for the companion bill in the House, which was introduced by Reps. Dean PhillipsDean PhillipsHouse Democrats return to advance Biden's agenda in face of crises Biden surrenders Afghanistan to terrorists Moderates revolt on infrastructure in new challenge for Pelosi MORE (D-Minn.) and Chip RoyCharles (Chip) Eugene RoyGOP leader taking proxy voting fight to Supreme Court Reps. Greene, Roy fined for not wearing masks on House floor Photos of the Week: Afghanistan evacuees, Paralympics and the French fire MORE (R-Texas). 

The organizations sent a letter to House leadership on Thursday urging the lower chamber to swiftly consider and pass it. 

Sens. Tim KaineTimothy (Tim) Michael KaineWarren, Daines introduce bill honoring 13 killed in Kabul attack Democrats hope Biden can flip Manchin and Sinema Democrats revive filibuster fight over voting rights bill MORE (D-Va.), Thom TillisThomas (Thom) Roland TillisGOP senators unveil bill designating Taliban as terrorist organization Without major changes, more Americans could be victims of online crime How to fix the semiconductor chip shortage (it's more than manufacturing) MORE (R-N.C.), Debbie StabenowDeborah (Debbie) Ann StabenowSanders says spending plan should be .5T 'at the very least' Senators call on Taiwan for aid in automotive chip shortage Photos of the Week: Infrastructure vote, India floods and a bear MORE (D-Mich.) and Cory GardnerCory GardnerProtecting the outdoors: Three cheers for America's best idea Ex-Sen. Cory Gardner joins lobbying firm Biden administration reverses Trump changes it says 'undermined' conservation program MORE (R-Colo.) are original co-sponsors of the Senate bill.