The stimulus program that has both infuriated and sustained small-business owners since its launch in April is now set to close with more than $130 billion left unused, prompting lawmakers to consider how to repurpose the money for the still-ailing economy, the Washington Post reported. With the deadline to apply for the Paycheck Protection Program coming just before midnight tonight, Sens. Marco Rubio (R-Fla.) and Ben Cardin (D-Md.) are leading a group considering how best to use the remaining funds to help small businesses as they begin to reopen. Rubio is working on legislation that would create new programs to expand uses for the funds, such as allowing lobbying groups to apply as well as directing more money to certain businesses that prove they were affected by the pandemic. According to a draft copy of the bill that was obtained by the Washington Post, the legislation would also set aside $25 billion for businesses with fewer than 10 employees and formally prevent hotel or restaurant chains from receiving more than $2 million total. He would need to reach an agreement with House Democrats before any deal could be signed into law, however, and they have been calling for a range of other economic responses to the coronavirus pandemic. The PPP disbursed hundreds of billions of dollars to small businesses, but it also faced criticism because of some of its recipients. Publicly traded chains early on reaped millions, prompting more than $38 billion to be returned to the government after the administration condemned well-capitalized firms for taking funds. Asked yesterday whether the PPP deadline ought to be extended, Rubio said he would consider that but was leaning toward providing new programs to meet businesses’ changing needs as parts of the country are able to reopen.
