A bipartisan bill introduced in Congress would lengthen the amount of time small businesses have to use their Paycheck Protection Program loan from eight weeks to 24 weeks, according to an analysis by the World Floor Covering Association.
The bill would also remove the requirement that 75% of the forgivable loans be used toward payroll expenses, and extend the period for paying back portions of the loan that are not forgiven from two years to five years, according to WFCA.
A vote on the bill in the House is expected to take place May 28.
The Senate also introduced a bill that would extend usage of the PPP loan to 16 weeks and permit businesses to use portions of the loan to purchase PPE for employees.
WFCA said it is working with a lobbying firm to support the changes.