U.S. House Republican Leader Kevin McCarthy on Tuesday said he could support extending the time allowed for small businesses to use federal loans to keep their enterprises afloat during the coronavirus pandemic - one of several ideas circulating in Congress for next steps on legislation.
Some businesses have expressed concerns that under the “Paycheck Protection Program” they have been unable to use the loan money within an eight-week time frame.
He said an extension would be appropriate because “a number of states have been shut down longer.” Representatives for the restaurant industry had pressed President Donald Trump on Monday for a 24-week repayment period. Senate Majority Leader Mitch McConnell, a Republican, has not embraced an additional infusion of federal funding, on top of the approximately $3 trillion already enacted. Instead, he is pushing for new protections for businesses from liability lawsuits as they reopen after weeks of being shut due to the highly contagious coronavirus.
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