WASHINGTON (Reuters) – The United States needs to quickly revise its coronavirus support program for small businesses to extend the eight-week period, in which the law now requires companies to spend money, a US senator said. know on Sunday.
The payroll program, created by the National Assembly in late March, aims to help businesses continue their payroll work for eight weeks, despite the order to close because of the coronavirus pandemic. The eight-week term can be applied to any time frame between mid-February and June 30.
But with many businesses receiving loans under the $ 660 billion PPP program, approaching the eight-week deadline, Senator Marco Rubio, Republican President of the Senate Small Business Committee, said legislators need to move fast to extend it.
The necessary legislative fix for #PPP will last more than 8 weeks during the #SmallBusiness period for payroll payments. We hope to move forward quickly before the first wave of #PPP recipients reaches 8 weeks, Rub Rubio wrote on Twitter.
While most states have begun to reopen their economies at least in part, about 36 million Americans – one fifth of the workforce – have lost their jobs since the beginning of the pandemic.
The Republican Rubio Republican party dominates the Senate. But the leading Democratic party on the small business committee, Senator Ben Cardin, has also expressed support to retest the eight-week period in the small business program.
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