The House of Representatives on Thursday voted overwhelmingly in favor of a bipartisan bill that would give small businesses more time to use emergency loans and let borrowers spend less of their loan proceeds on payroll.
The action comes as Senate Republicans also have backed extending the deadline for spending Paycheck Protection Program money beyond the current eight weeks, though they haven’t sounded supportive of relaxing a PPP rule that requires that 75% of loan proceeds go toward payroll expenses.
