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 KingHillicon Valley: 'Fortnite' owner sues Apple after game is removed from App Store | Federal agencies seize, dismantle cryptocurrency campaigns of major terrorist organizations Lawmakers introduce bill designating billion to secure state and local IT systems Overnight Energy: EPA finalizes rollback of Obama-era oil and gas methane emissions standards | Democratic lawmakers ask Interior to require masks indoors at national parks | Harris climate agenda stresses need for justice MORE (I-Maine) and Steve DainesSteven (Steve) David DainesTrump says he'll sign USPS funding if Democrats make concessions Senate Democrats ask Trump to withdraw controversial public lands nominee Davis: The Hall of Shame for GOP senators who remain silent on Donald Trump 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 MnuchinChris Wallace rips both parties for coronavirus package impasse: 'Pox on both their houses' The Hill's Morning Report - Presented by Facebook - Trump goes birther again; no deal on COVID-19 package Overnight Health Care: Senate leaves until September without coronavirus relief deal | US records deadliest day of summer | Georgia governor drops lawsuit over Atlanta's mask mandate 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 PhillipsMinnesota Rep. Dean Phillips wins primary Leaders call for civility after GOP lawmaker's verbal attack on Ocasio-Cortez House seeks ways to honor John Lewis MORE (D-Minn.) and Chip RoyCharles (Chip) Eugene RoyRepublicans face worsening outlook in battle for House The Hill's Campaign Report: Biden builds big lead in battleground Florida Internal Democratic poll shows tight race in key Texas House district 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 KaineThe Hill's Morning Report - Presented by Facebook - Trump goes birther again; no deal on COVID-19 package Senate leaves until September without coronavirus relief deal The Hill's Morning Report - Presented by Facebook - Biden, Harris launch Trump offensive in first joint appearance MORE (D-Va.), Thom TillisThomas (Thom) Roland TillisOn The Money: Economists flabbergasted after Congress leaves with no deal | Markets rise as the economy struggles | Retail sales slow in July Chamber to launch ads defending embattled GOP senators Trump: GOP senators who don't embrace him will 'lose their elections' MORE (R-N.C.), Debbie StabenowDeborah (Debbie) Ann StabenowACLU calls on Congress to approve COVID-19 testing for immigrants Senators press IRS chief on stimulus check pitfalls Democrats warn Biden against releasing SCOTUS list MORE (D-Mich.) and Cory GardnerCory Scott GardnerWhy the US should rely more on strategy, not sanctions Chamber to launch ads defending embattled GOP senators Trump: GOP senators who don't embrace him will 'lose their elections' MORE (R-Colo.) are original co-sponsors of the Senate bill.