WASHINGTON—U.S. Senator Mitt Romney (R-UT) released the following statement today after the Senate unanimously passed important updates he fought for to improve the PPP loan program. The measure extends the loan forgiveness period to 24 weeks instead of 8 and eases the payroll threshold requirement from 75 percent to 60 percent. Romney introduced the initial Senate PPP extension proposal with Senator Manchin last month.
“I’m pleased that a measure I pushed for to extend the window for businesses to use their loan was unanimously passed by the Senate today. This bill also allows greater flexibility for businesses to use these funds to cover other necessary costs beyond payroll. This extension will be crucial for many of our small businesses who still remain closed or far from full capacity as we fight COVID-19.”