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The Senate went into recess last night without voting on a proposal by Senator Marco Rubio (R-FL) to make changes to the Paycheck Protection Program (PPP).
It is currently unclear whether the Senate will act to approve the measure during a pro forma session during the break next week, or wait until the full body returns to Washington in June. The first companies that received loans after the PPP program opened on April 3 will see the eight-week loan-forgiveness periods begin to expire at the end of next week and in early June.
The House will vote on its version of the proposal, the Paycheck Protection Flexibility Act (H.R. 6886), next week when it returns. It would allow businesses receiving forgivable loans to use the funds on payrolls for more than the eight weeks program and relax a requirement that 75% of the loans be used for payroll. It would also give them more than two years to pay back the loans and allow businesses that receive PPP loans to receive a payroll tax deferment.
Read More: Politico
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