The U.S. Senate on June 3 approved bipartisan legislation supported by U.S. Sen. Steve Daines (R-MT) to provide more economic relief to America’s small businesses and workers impacted by the coronavirus pandemic.
“I’m glad to have secured passage of my bipartisan bill to increase flexibility in the Paycheck Protection Program to ensure Montana small businesses have the relief they need to stay open, support our workers and protect jobs,” Sen. Daines said.
The Senate gave voice vote approval to the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010, introduced on May 26 by U.S. Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), which would modify provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program (PPP) implemented in response to COVID-19. Sen. Daines and U.S. Sen. Angus King (I-ME) on May 21 introduced a similar bill, S. 3805, in their chamber.
Specifically, the bill establishes a minimum maturity of five years for a paycheck protection loan with a remaining balance after forgiveness, according to a summary of the bill. The bill also extends the covered period during which a loan recipient may use such funds for certain expenses while remaining eligible for forgiveness to 24 weeks from 8 weeks.
“My bipartisan proposal is the result of listening to feedback from Montanans on what flexibility they need under PPP to make it even more effective,” said Sen. Daines. “I look forward to getting flexibility for Montana small businesses and workers using PPP signed into law.”
The U.S. House of Representatives on May 28 approved H.R. 7010 with a 417-1 vote and sent it to the Senate. Following reconciliation by the Senate, President Donald Trump signed Sen. Daines’ bill into law on June 5.