Yesterday (May 20th), Senator Marco Rubio (R-Fla.) told Fox News that he believes there is enough support in Congress to extend the eight-week period that Paycheck Protection Program loan recipients have to use the money. Needless to say, this would be a big deal for businesses that may otherwise fail to bounce back before the existing forgiveness period is up.
To quote Rubio; “Democrats have told me they agree on extending the time frame.” Rubio believes that the spending period should be extended to 12 or 16 weeks because of how the coronavirus crisis has evolved and is hopeful that Congress can pass a “clean bill”; one with only this provision included to avoid any snags in the House or the Senate.
Earlier in the week, President Trump said that he supports extending the loan forgiveness period to 24 weeks (but has not committed to it). Stay tuned. . .