Senators Put Off Action on Changing Small-Business Loan Program
- Rubio wants longer loan-forgiveness period for PPP spending
- House also planning vote next week on changes to PPP
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The Senate put off action on a bipartisan proposal to extend the small-business Paycheck Protection Program and make other changes to the initiative before leaving Thursday for a weeklong recess.
A bill from Senator Marco Rubio, chairman of the Small Business Committee, Ben Cardin, the panel’s top Democrat, and Senators Susan Collins and Jeanne Shaheen seeks to extend the deadline to apply to the end of the year from June 30 and double the current eight-week period during which businesses must use funds to have loans forgiven, according to Rubio’s office.