Sen. Rubio to introduce amendment to change House PPP extension

Jessica Smith
·Chief Political Correspondent
3 min read
0

The Paycheck Protection Program is set to expire at the end of the month — and while the House has already passed a bill to extend the program, the Senate has not taken it up yet. The upper chamber is expected to consider the extension this week.

The House bill would allow business owners to apply for the forgivable loans through May 31, instead of March 31, and give the Small Business Administration until June 30 to process the loans.

Sen. Marco Rubio (R., Fla.) told Yahoo Finance he believes Congress will extend the program before the end of the month, but he would like to see some changes to the House bill. If the Senate were to tweak the bill, the House would have to take it up again.

"I don't want us to punish, you know, some small business out there that needs the help because of a political fight over here," said Rubio in an interview.

Earlier this month, Rubio and several other Republican senators introduced a bill to extend the program and prohibit the SBA from prioritizing some applicants over others. Rubio's office said he plans to introduce the bill as an amendment to the House-passed extension.

UNITED STATES - MARCH 23: Sen. Marco Rubio, R-Fla., speaks with reporters as he leaves the Capitol after a vote on Tuesday, March 23, 2021. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)
UNITED STATES - MARCH 23: Sen. Marco Rubio, R-Fla., speaks with reporters as he leaves the Capitol after a vote on Tuesday, March 23, 2021. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images) (Bill Clark via Getty Images)

There have been increased calls to extend the program after President Biden changed the rules of the program — making sole proprietors eligible for more money, granting a two-week application window specifically for the smallest businesses, and ensuring eligibility for small-business owners with delinquent student loans, non-citizen business owners who are lawful U.S. residents and business owners who have non-fraud felony convictions.

Rubio told Yahoo Finance he's concerned about the administration making changes to the program without involving Congress.

"What that begins to do is it begins to create partisan fissures... for a program that's had bipartisan support," said Rubio. "If you add to that eligibility criteria outside of what Congress intended, you're going to run out of money."

The goal of the Biden administration's changes was to make sure the neediest businesses were able to access the relief. However, the new loan calculation formula for sole proprietors has caused some problems and confusion. Sole proprietors who now qualify for larger loans worry they won't have time to take advantage of the change before the March 31 deadline.

Sen. Ben Cardin (D., Md.), chairman of the Senate Small Business Committee, told reporters on Wednesday he's also optimistic the program will be extended.

"I think we'll get it done," he said.

"Common sense here tells you, you don't punish thousands of businesses because of, you know, one or two bad actors," Rubio said. "I think that's true when it comes to the fraud and the program, which clearly existed. And I think it's true when it comes to these political flashpoints."

Jessica Smith is chief political correspondent for Yahoo Finance, based in Washington, D.C. Follow her on Twitter at @JessicaASmith8.

Read more:

Advertisement

Recommended Stories

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • Morgan Stanley Predicts up to 110% Rally for These 2 ‘Strong Buy’ Stocks

    Uncertainty is the word of the day, in reference to the near-term economic future. Sentiment will hinge on the inflation numbers due out next week. March’s figure rose to 3.5%, and April’s job numbers showed a marked slowing in the labor market; that combination has stoked fears of stagflation. But – corporate earnings from Q1 are beating expectations, and the stock market has taken a turn for the better with the S&P 500 closing just below 5,200 yesterday. Economic strategists are still optimist

  • Moderna's New RSV Vaccine Undercuts the Promise of mRNA

    (Bloomberg) -- Moderna Inc.’s pioneering Covid shot turned the company into a nearly $200 billion biotech giant and a public health hero. Its second vaccine, meant to prevent a common respiratory virus, is calling into question the premise on which the company has staked its entire business. Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackStormy Daniels Will Return to Court in Test of Trump’s

  • Here's Exactly When Social Security Recipients Can Expect Benefit Cuts, According to the Latest Trustees Report

    Social Security payments may be subject to cuts. Here's what the timing looks like.

  • How Much Cash Can A $300,000 Annuity Generate For Me Each Month?

    Imagine having a reliable source of income you can count on throughout your retirement. That’s the promise of an annuity. These insurance products have been designed to turn your savings into a steady stream of monthly payments. They guarantee peace of mind and financial security in your golden years. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you. An

  • 1 Vanguard ETF That Can Serve as a Complete Stock Portfolio

    This single Vanguard ETF provides a straightforward path to a secure retirement.

  • Roblox cuts annual bookings forecast on muted player spending

    Roblox cut its annual bookings forecast on Thursday, in a sign that people were dialing back on spending within its video-gaming platform amid an uncertain economic outlook and elevated levels of inflation. The lowered forecast marks the latest downbeat report from the gaming industry, which has laid off hundreds of employees and shut studios this year to cope with declining demand. Electronic Arts also gave a weak revenue forecast earlier this week.

  • Too many tractors: As boom times fade, farm equipment piles up

    Falling crop prices are leaving agriculture equipment sellers with an excess of unsold tractors and combines. The slower equipment sales are a knock-on effect of corn and soy prices dropping to more than three-year lows as U.S. farm income plummets and equipment makers and dealers are forced to pivot quickly after a period of booming business. Reuters interviewed ten equipment dealers, mostly in the Midwest, as well as farmers and analysts, who said low crop prices combined with persistently high interest rates are deterring farmers from purchasing machinery.

  • Roblox Stock Plunges On Firm's Weak Outlook. Investors Say 'Game Over.'

    Video game platform Roblox beat estimates for the first quarter but guided below views for the current quarter and full year. Roblox stock plummeted on the news.