Senate Approves SBA Paycheck Protection Program Flexibility Act
June 3, 2020 –
Senate Majority Leader Mitch McConnell, R-Ky., brought up the bill (HR 7010) just after 7 p.m., and the measure passed by voice vote, sending it to President Donald Trump’s desk. The House of Representatives passed the bill last week by a vote of 417-1.
The bill would make a handful of changes to the program, which offers companies forgivable loans that act like grants as long as the money is used mostly to pay employees.
The bill’s biggest change would extend the time period in which borrowers must spend loans in order to have the debt forgiven from eight weeks to 24 weeks.
The measure would lower a Small Business Administration threshold requiring businesses to spend 75 percent of their funds on payroll to 60 percent.