President Donald Trump signed a Paycheck Protection Program (PPP) reform bill in the Rose Garden on Friday, allowing small businesses greater flexibility in how they choose to spend coronavirus relief funds.
Trump signed the bill following a White House press conference in which he highlighted positive May jobs numbers, saying an economic recovery was not expected this early. The economy added 2.5 million jobs last month, cutting the unemployment rate to 13.3 percent. The PPP reform bill passed through Congress with a Senate vote on Wednesday.
“It’s the greatest comeback in American history,” Trump said. (RELATED: Sen. Rubio Urges Trump Administration To Protect Worker Interests With Paycheck Protection Program)
Original PPP legislation required businesses to put 75 percent of their relief funds toward payroll costs, but the new flexibility measure requires only 60 percent.
The new bill did not add any funds to the current $660 million in PPP relief, however. (RELATED: McConnell Pledges To Add Funding To Coronavirus Paycheck Fund On Thursday)
“I’m glad our Republican friends have relented and passed the bill here as we are about to close session for this week. It passed the House. We Democrats have been pushing to get it done for the last three days,” Senate Minority Leader Chuck Schumer said Wednesday, according to the Hill.
Senate Majority Leader Mitch McConnell did not seem put off by the bill, however.
“Today we’re passing another piece of legislation that makes a few targeted changes to the program…I’m proud the Senate is sending it on to the president’s desk to become law,” McConnell said on the Senate floor Wednesday.