Good news for small businesses: Congress could extend the PPP loan forgiveness period by theothersarahh
Senator Marco Rubio told Fox News on Wednesday that he believes there is enough support in Congress to extend the eight-week period that Paycheck Protection Program loan recipients have to use the money—this would be a big deal for businesses that may otherwise fail to bounce back before the existing forgiveness period is up.
the Department of Homeland Security, Federal Bureau of Investigations, Director of National Intelligence, and the National Security Agency.“Democrats have told me they agree on extending the time frame,” Rubio said, indicating that there is “unanimity” in Washington for revising the law; the SBA began accepting applications for PPP loans on, meaning that businesses who received their money quickly are coming up on the end of their forgiveness period sometime in early June. He indicated that the spending period should be extended to 12 or 16 weeks because of how the coronavirus crisis has evolved. Rubio said he hopes that Congress can pass a “Last week, Rep. Dean Phillips and Rep. Chip Roy introduced a bill that would extend the forgiveness period to include the full duration of the crisis, along with several other changes to the PPP; Rep. Phillips indicated that heThe $3 trillion Heroes Act, passed by Democrats in the House last week, also includes provisions that would modify the PPP but Senate Republicans have said they will reject the bill in its current form. extending the loan forgiveness period to 24 weeks, and Treasury Secretary Steven Mnuchin has said the administration is working on a “technical fix,”As of May 16, more than 4.3 million PPP loans worth over $513 billion had been distributed. The Paycheck Protection Program was included in the $2.2 trillion CARES Act, the historic economic stimulus package passed by Congress at the end of March. It was intended as a lifeline for small businesses struggling in the wake of the coronavirus crisis, and offered forgivable loans to cover two months worth of payroll and overhead costs. The program got off to a rocky start, with a rushed launch and computer glitches. After an initial $350 billion allotted to the PPP ran dry in just two weeks, lawmakers scrambled to replenish the program with another $310 billion.
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
John Krasinski's 'Some Good News' goes on hiatusThe last episode before the break was all about the community that sprang up around the actor and director's YouTube series, which has been popular during quarantine.
Read more »
Misty-eyed John Krasinski bids farewell to 'Some Good News' with emotional finale'I will never be able to properly articulate just how much this show has meant to me,' John Krasinski said in the series finale of 'Some Good News.'
Read more »
Some good news about a vaccine test (though it's still early)Here's some good news! Early human trials of a coronavirus vaccine have shown promise, according to Moderna, the company that has partnered with the National Institutes of Health to develop and test the vaccine.
Read more »
Breaking News, Top News & Latest News Headlines | ReutersSee our fact-checking initiative aimed at identifying misinformation in partnership with Facebook
Read more »
John Krasinski's 'Some Good News' Finale Episode Delivered Major FeelsThe finale of John Krasinski's heartwarming YouTube series 'Some Good News' just aired, and it was as touching as the entire season has been.
Read more »
Good News For Small Businesses: Congress Could Extend PPP Loan Forgiveness Period“Everybody agrees this crisis has evolved,” Senator Marco Rubio said Wednesday.
Read more »