U.S. Sen. Marco Rubio says the spending period needs to be extended for small businesses that received aid from the Paycheck Protection Program.
On Twitter Sunday, Rubio tweeted: "The legislative fix needed to PPP is extending beyond 8 weeks the time period a small business has to spend the funds on payroll. We are hoping to move quickly on this before the first wave of PPP loan recipients reach the 8 week point."
Rubio's remarks come as states struggle to restart their economies and as small businesses deal with the financial aftermath of the COVID-19 outbreak. Many businesses are not sure how they will be able to pay off their federal loans.
Since the outbreak began, Roughly 4 million businesses have been approved for a loan from the Paycheck Protection Program, with Congress approving about $659 billion in loans.
According to The Wall Street Journal, Congress will likely make changes to the program that would include flexibility when it comes to spending funds.
Contains footage from CNN.
