House considering improved paycheck loan rules

Tonda Rush

May 28, 2020

The House of Representatives TODAY is considering HR 7010, a bill previously supported by National Newspaper Association, to provide additional flexibility in use of Paycheck Protection Program loans.

The bill, by Reps. Dean Phillips, D-Minnesota, and Chip Roy, R-Texas, would allow borrowers to stretch out use of the funds over 24 weeks, instead of the eight weeks presently permitted. It also would permit up to 40% of loan money to apply to covered non payroll costs (rent, utilities, mortgage interest), instead of the 25% limit in the current law.

Newspaper executives supporting this bill should contact their HOUSE members immediately.