New Paycheck Protection Program Bill Heads To The President

June 4, 2020

The Senate approved Wednesday legislation, H.R.7010 - Paycheck Protection Program Flexibility Act of 2020, that is meant to help small businesses by extending the loan forgiveness period to the end of December 2020 and allowing recipients to spend 40% on other business costs and 60% on payroll, CBS News reports.

All the members of the House approved the resolution last week, except for one, Rep. Thomas Massie, a Republican of Kentucky. Rep. Chip Roy of Texas and Democratic Rep. Dean Phillips of Minnesota had introduced the resolution.