The Senate was unable to finalize a deal to extend the amount of time companies have to spend loans obtained through the Paycheck Protection Program, putting off the likely passage of revised small-business aid rules to next month, the Wall Street Journal reported. Amid broad bipartisan support, senators worked on Thursday to coalesce around a plan to double the time period to 16 weeks, but failed to garner unanimous consent on the agreement before leaving for a Memorial Day recess. The PPP is intended to help small businesses keep workers employed and pay other expenses during the coronavirus pandemic. Under the current rule, the earliest recipients of PPP funds must finish using them by May 29. Senators also sought to extend the deadline for program applications to Dec. 31 from June 30, and allow businesses to use funds to pay for investments needed to reopen safely and buy personal protective equipment for employees. ”I don’t think we’re going to have a problem getting something done one way or the other on it,” said Sen. Marco Rubio (R., Fla.), the chairman of the small-business committee. Some senators had hoped to pass new PPP legislation before the break, even as GOP leaders have urged a go-slow approach on a broader aid package. Separately, House Democrats are expected next week to vote on a bill to change the $660 billion program’s time frame, and change some of the repayment terms. The House proposal has support from the U.S. Chamber of Commerce, the National Restaurant Association, the National Retail Federation and several other outside groups.
