The Senate passed legislation on June 3rd to provide more flexibility for the Paycheck Protection Program (PPP), which provides help for small businesses amid the steep economic impact of the coronavirus.
"Today we're passing another piece of legislation that makes a few targeted changes to the program," Senate Majority Leader Mitch McConnell (R-Ky.) announced from the floor. "I'm proud the Senate is sending it on to the president's desk to become law."
The bill, which would extend the window for businesses to be able to spend loans granted under the program, passed the Senate by unanimous consent. The bill already passed the House last month, meaning it now goes to the President's desk where it is expected he will sign the bill into law.
The new bill passed by Congress would extend the current language to allow businesses up to 24 weeks to spend PPP funds. It would also change a 75-25 divide included in the March bill — which required businesses to spend 75 percent of the loan on payroll and 25 percent on other fixed costs such as rent and utilities. The new language will change the ratio to a 60-40 split.