Off The Wire
U.S. House considering bill to extend timelines, make changes to small business loans: Pelosi
WASHINGTON (Reuters) - U.S. House Speaker Nancy Pelosi said on Wednesday her chamber is considering a bill that would extend repayment and re-hiring timelines for the small business coronavirus relief loans in the new Paycheck Protection Program.
“What it does is extend the time which you can hire, re-hire people, extend the time which you can pay back, and also undo the 75-25, which was debilitating,” Pelosi told reporters, referring to the program’s requirement that at least 75% of a loan go to payroll and no more than 25% go to other costs.
“We’re concerned about the lack of transparency and how the administration is carrying some of this out. And we saw a quick fix on how we could make this work better. We couldn’t ignore that.”
Reporting by Lisa Lambert and Susan Cornwell, Editing by Franklin Paul