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 KingMemorial Day weekend deals latest economic blow to travel industry Bipartisan senators introduce bill to make changes to the Paycheck Protection Program Senators weigh traveling amid coronavirus ahead of Memorial Day MORE (I-Maine) and Steve DainesSteven (Steve) David DainesThe Hill's Morning Report - Presented by Facebook - Trump tweets as tensions escalate across US Key races to watch in Tuesday's primaries Montana barrels toward blockbuster Senate 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 MnuchinHillicon Valley: Twitter flags Trump tweet for 'glorifying violence' | Cruz calls for criminal investigation into Twitter over alleged sanctions violations | Senators urge FTC to investigate TikTok child privacy issues On The Money: Senate Dems pump brakes on new stimulus checks | Trump officials sued over tax refunds | Fed to soon open small-business lending program Schumer slams Trump's Rose Garden briefing on China as 'pathetic' 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 passes bill to grant flexibility for small business aid program Bipartisan senators introduce bill to make changes to the Paycheck Protection Program The Memo: Activists press Biden on VP choice MORE (D-Minn.) and Chip RoyCharles (Chip) Eugene RoyHouse passes bill to grant flexibility for small business aid program The Hill's Morning Report - Presented by Facebook - Major space launch today; Trump feuds with Twitter House Republicans to file lawsuit to halt proxy voting 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 KaineOvernight Health Care: Trump says US 'terminating' relationship with WHO | Cuomo: NYC on track to start reopening week of June 8 | COVID-19 workplace complaints surge 10 things to know today about coronavirus The Hill's 12:30 Report - Presented by Facebook - Twitter says Trump violates rules with 'shooting' threat MORE (D-Va.), Thom TillisThomas (Thom) Roland TillisOVERNIGHT ENERGY: Trump administration gives renewables more time to take advantage of tax credits | House Republicans introduce bill to speed mining projects for critical minerals | Watchdog faults EPA communications in contamination of NC river Trump administration gives renewables more time to take advantage of tax credits Tillis campaign releases first general election TV ad emphasizing 'humble' roots MORE (R-N.C.), Debbie StabenowDeborah (Debbie) Ann StabenowSenate Democrats pump brakes on new stimulus checks Democrats warn of 'captured' GOP court ahead of November election Senate Democrat introduces bill to protect food supply MORE (D-Mich.) and Cory GardnerCory Scott GardnerThe Hill's Campaign Report: Minneapolis protests rock the nation McConnell: Next coronavirus bill will be final COVID-19 package Democrats gear up to hit GOP senators on DACA MORE (R-Colo.) are original co-sponsors of the Senate bill.