May 13, 2020

Wyden Introduces Bipartisan Bill to Extend PPP Loan Deadline from Eight to 16 Weeks

Washington, D.C. – U.S. Senator Ron Wyden, D-Ore., today joined U.S. Senator Joe Manchin, D-W.Va., to introduce the bipartisan Paycheck Protection Program Deadline Extension Adjustment for Loans (DEAL) Act. 

The legislation would extend the loan forgiveness period from eight to 16 weeks and amend the rehire date from June 30 to 16 weeks after the Paycheck Protection Program (PPP) loan is awarded. It was also cosponsored by U.S. Senators Mitt Romney, R-Utah, Patrick Leahy, D-Vt., and Cory Gardner, R-Colo.

"Oregon is a small business state. Our small businesses are the backbone of our economy, and right now they are teetering on the edge of the financial cliff. The mom and pop shops of Main Street want to keep paying their employees, and they want to pay their bills," Wyden said. "My phone has been ringing off the hook with small businesses who have been struggling to access relief because of delays and other issues. The least Congress can do is extend these arbitrary deadlines."

A copy of the bill text can be found here.

A one-page summary of the bill can be found here