The House approved a bipartisan bill that would loosen requirements on hundreds of billions of dollars in small business loans, responding to concerns from employers struggling to stay open during the coronavirus pandemic, The Wall Street Journal reports.
The House bill reduces the level of Paycheck Protection Program funds that must be used for payroll to 60% from 75%. The bill also gives borrowers up to 24 weeks to use the funds, up from the eight set in the initial bill passed in March, and extends the deadline to rehire workers to Dec. 31.
The bill passed 417-1. The Senate has been working on a similar plan to amend the program, but it isn’t known if senators will vote on the House bill when they return to Washington next week, or if the two chambers will hash out a compromise bill. The PPP changes are one area of bipartisan cooperation on Capitol Hill, amid deep divisions over unemployment benefits, state aid, liability shields for businesses and other issues in the next round of talks.
“We believe what we’ve compromised on here, in this chamber, will be sufficient to pass the Senate,” said Rep. Dean Phillips, D., Minn., a lead sponsor of the bill. “This is what small businesses need, and if we don’t keep the businesses open, the jobs go away.”
Rep. Thomas Massie, R-Ky., cast the lone vote against the measure. Read the full story.
