May 20, 2020 / 3:50 PM / 2 months ago

U.S. House considering bill to extend timelines, make changes to small business loans: Pelosi

Speaker of the House Nancy Pelosi wears a face mask to protect from the coronavirus disease (COVID-19) during a ceremonial swearing-in for Rep. Tom Tiffany (R-WI) in Washington, U.S., May 19, 2020. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - U.S. House Speaker Nancy Pelosi said on Wednesday her chamber is considering a bill that would extend repayment and re-hiring timelines for the small business coronavirus relief loans in the new Paycheck Protection Program.

“What it does is extend the time which you can hire, re-hire people, extend the time which you can pay back, and also undo the 75-25, which was debilitating,” Pelosi told reporters, referring to the program’s requirement that at least 75% of a loan go to payroll and no more than 25% go to other costs.

“We’re concerned about the lack of transparency and how the administration is carrying some of this out. And we saw a quick fix on how we could make this work better. We couldn’t ignore that.”

Reporting by Lisa Lambert and Susan Cornwell, Editing by Franklin Paul

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