Good News For Small Businesses: Congress Could Extend PPP Loan Forgiveness Period

5/20/2020 6:10:00 PM

“Everybody agrees this crisis has evolved,” Senator Marco Rubio said Wednesday.

TOPLINESenator 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. 

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Sen. Marco Rubio (R-FL) talks to reporters as he leaves a briefing for Senators by officials from... [+]the Department of Homeland Security, Federal Bureau of Investigations, Director of National Intelligence, and the National Security Agency.Getty Images

KEY FACTS“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 onApril 3, 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 “clean bill”—one with only this provision included to avoid any snags in the House or the Senate. 

Last week, Rep. Dean Phillips (D-Minn.) and Rep. Chip Roy (R-Texas) 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 heexpects

the House to vote on that bill before the end of the month.The $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. 

President Trump said Monday that heextending the loan forgiveness period to 24 weeks, and Treasury Secretary Steven Mnuchin has said the administration is working on a “technical fix,”The Hill, though he did not commit to the 24 week change.Big number

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As of May 16, more than 4.3 million PPP loans worth over $513 billion had been distributed. Key backgroundThe 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.

Read more: Forbes »

Why This PPP Loan Data Might Actually Be Good News For Small BusinessThe Paycheck Protection Program or PPP is finally getting loans to the small businesses and self-employed individuals who need it the most. However, it is fintech firms who are now leading the charge in helping small business during the Covid-19 crisis. I'm interesting In this

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