May 19, 2020 / 4:51 PM / 16 days ago

Top House Republican backs giving borrowers up to 12 weeks to repay PPP loans

WASHINGTON, May 19 (Reuters) - U.S. House Republican Leader Kevin McCarthy on Tuesday said he could support giving borrowers up to 10 or 12 weeks to repay their federal loans and seek forgiveness under the Paycheck Protection Program.

McCarthy told reporters at a news conference that such an extension would be appropriate because “a number of states have been shut down longer.” Representatives for the restaurant industry had pressed U.S. President Donald Trump on Monday for a 24-week repayment period.

Reporting by Susan Cornwell, writing by Susan Heavey; Editing by Chizu Nomiyama

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