TBA Law Blog


Posted by: Kate Prince on May 28, 2020

The U.S. House on Thursday passed legislation that grants flexibility to small businesses using loans from the Paycheck Protection Program, The Hill reports. The bipartisan bill from Reps. Dean Phillips, D-Minn., and Chip Roy, R-Texas, would give small businesses up to 24 weeks, up from the current eight weeks, to use the loans and extend the deadline for rehiring workers from June 30 to the end of this year. It would also allow the businesses to spend more of the money on non-payroll costs. The bill passed easily on a 417-1 vote, but lawmakers say more changes to the program are needed following complaints from small businesses that cannot qualify for the loans under the current terms.