Senator Doug Jones (D-Ala.) released the following statement this evening after the Senate approved legislation to reform the Paycheck Protection Program, an emergency small business loan program included in the CARES Act. It will give borrowers more time to spend the money and allows them to use it on a broader set of expenses while still qualifying to have the loans forgiven — an important step so that employers can maintain their payrolls.
“This is a good step toward fixing some of the problems we’ve seen with the Paycheck Protection Program, but there is still a lot of work to be done to help small businesses and workers weather the economic crisis we’re facing. I’m going to continue to push House and Senate leadership to hold a vote on my legislation, the Paycheck Security Act, that will cover wages and benefits for all affected workers until this crisis is over so that we can keep folks on payroll and cut the red tape that’s slowing down this much needed relief.”
The bill now heads to the President to be signed into law.