The House today overwhelmingly passed a bill that would relax restrictions on emergency government-backed loans designed to avoid mass layoffs at small businesses during the pandemic
The House on Thursday overwhelmingly passed legislation that would relax restrictions on emergency government-backed loans designed to avoid mass layoffs at small businesses during the pandemic, a major restructuring of the popular aid program.
The legislation, sponsored by Reps. Dean Phillips and Chip Roy , would give businesses seeking full loan forgiveness more time to spend the money — 24 weeks instead of eight — and lower the minimum amount that must be spent on payroll to 60 percent instead of 75 percent. The vote will put pressure on the Senate to act in the coming days. A bipartisan group of senators last weekbut was unable to secure unanimous consent to pass the bill before leaving for Memorial Day recess. The Senate will return to Washington next week.
"We've got basically a two-week window here to make any reasonable reforms to the forgiveness side," said Paul Merski, group vice president for congressional relations at the Independent Community Bankers of America.
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