Senate Passes Another Change to the Paycheck Protection Program

The Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act by unanimous consent.

The Paycheck Protection Program Flexibility Act passed by the House on May 28.

This bill extends the loan forgiveness window from 8 weeks to 24 weeks. It also reduces the payroll requirement from 75 percent to 60 percent in order to qualify for forgiveness. President Trump is expected to sign the bill.

Passage occurred only hours after multiple sources were reporting the Senate GOP was divided on how to move forward.

Multiple Republican Senators including Senators Ron Johnson (R-WI), Marco Rubio (R-FL) and Susan Collins (R-ME) raised concerns about the legislation before passed occurred.

Senators disagreed on certain provisions in the bill as well as whether to pass the House or make additional changes.

Timeline for action on the next COVID relief remains an open question. The House passed the HEROES Act in May and await action by the Senate.

It is not clear whether or if the Senate will act soon given conflicting statements about when the Senate will consider the next bill.

Initially, Senate leaders signaled action could occur in the month of June.

Now, that timeline has slipped to July and/or before the August recess.

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