The Senate on Wednesday approved legislation making changes to the Paycheck Protection Program implemented to aid small businesses hurting because of the coronavirus pandemic, sending the measure to President Trump’s desk for his signature.
The Senate approved the measure, which passed the House with near-unanimous support last week, by voice vote.
Introduced by Republican Congressman Chip Roy of Texas and Democratic Congressman Dean Phillips of Minnesota, the legislation passed Wednesday evening eased restrictions for small businesses that were approved for lending from the program. The measure extended the loan forgiveness period to 24 weeks and altered a provision that required recipients to use at least 75% of their loan for payroll costs. Small businesses now have to use at least 60% of their loan on payroll and 40% on other costs.