Bloomberg Tax
May 21, 2020, 9:32 PM UTC

Senators Put Off Action on Changing Small-Business Loan Program

Daniel Flatley
Daniel Flatley
Bloomberg News
Mark Niquette
Mark Niquette
Bloomberg News

The Senate put off action on a bipartisan proposal to extend the small-business Paycheck Protection Program and make other changes to the initiative before leaving Thursday for a weeklong recess.

A bill from Senator Marco Rubio, chairman of the Small Business Committee, Ben Cardin, the panel’s top Democrat, and Senators Susan Collins and Jeanne Shaheen seeks to extend the deadline to apply to the end of the year from June 30 and double the current eight-week period during which businesses must use funds to have loans forgiven, according to Rubio’s office.

The measure would also allow borrowers to ...

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