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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 KingLeadership changes at top cyber agency raise national security concerns Top cybersecurity official ousted by Trump Republicans start turning the page on Trump era MORE (I-Maine) and Steve DainesSteven (Steve) David DainesRick Scott tests positive for coronavirus Biden eyes new leadership at troubled public lands agency OVERNIGHT ENERGY: Barrasso to seek top spot on Energy and Natural Resources Committee | Forest Service finalizes rule weakening environmental review of its projects | Biden to enlist Agriculture, Transportation agencies in climate fight 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 Terner MnuchinFinancial groups applaud Biden Treasury pick Yellen US sanctions Chinese company for conducting business with Maduro regime Monumental economic challenges await Biden's Treasury secretary 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 PhillipsChamber-endorsed Dems struggle on election night If we want change, young people have to do more than protest Pelosi and Trump go a full year without speaking MORE (D-Minn.) and Chip RoyCharles (Chip) Eugene RoyThe Hill's Morning Report - Too close to call Chip Roy fends off challenge from Wendy Davis to win reelection in Texas Democrats seek wave to bolster House majority 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 KaineCongress set for chaotic year-end sprint Democrats face increasing pressure to back smaller COVID-19 stimulus Rick Scott tests positive for coronavirus MORE (D-Va.), Thom TillisThomas (Thom) Roland TillisGrassley returns to Capitol after having coronavirus McConnell halts in-person Republican lunches amid COVID-19 surge North Carolina — still purple but up for grabs MORE (R-N.C.), Debbie StabenowDeborah (Debbie) Ann StabenowRepublican John James concedes in Michigan Senate race Lobbying world Senate Democrats reelect Schumer as leader by acclamation  MORE (D-Mich.) and Cory GardnerCory GardnerMark Kelly to be sworn in as senator on Wednesday Hillicon Valley: Trump fires top federal cybersecurity official, GOP senators push back | Apple to pay 3 million to resolve fight over batteries | Los Angeles Police ban use of third-party facial recognition software Senate passes bill to secure internet-connected devices against cyber vulnerabilities MORE (R-Colo.) are original co-sponsors of the Senate bill.