Businesses that received pandemic crisis funding through the $660 billion Paycheck Protection Program, including those in the promotional products industry, could soon have more flexibility in how they’re allowed to spend the money – and more time to do it.

Congressional leaders and government officials have indicated that revisions to the PPP are being considered in light of the grim economic reality caused by COVID-19 societal shutdown measures and complaints from small businesses about the program.

Originally, the PPP terms dictated that 75% of funds a business received had to be spent on employee salaries for the loans to be forgiven. However, that requirement could soon be altered to allow businesses more options for how they use the cash.

Furthermore, businesses could also get the green light from federal authorities to take more time than eight weeks to spend the money. The eight-week period can be applied to any time frame from mid-February up to June 30. But businesses have complained that they’re unable to rehire staff because of lockdowns. Plus, they need the cash to pay for overhead costs as their revenue streams have dried up.

“The steps being considered will mean a shift in the program’s focus — from one that was primarily aimed at keeping employees on the payroll, to also helping to keep small businesses from failing,” The Wall Street Journal reported.

It wasn’t immediately clear when the changes might go into effect, but some government leaders have indicated they’re eager to act fast. The revisions being considered appear to enjoy at least some bipartisan support. Sen. Marco Rubio of Florida, the Republican chairman of the Senate’s small business committee, tweeted on May 17 that the PPP timeline must be expanded.

The legislative fix needed to #PPP is extending beyond 8 weeks the time period a #SmallBusiness has to spend the funds on payroll.

We are hoping to move quickly on this before the first wave of #PPPloan recipients reach the 8 week point. https://t.co/GIBYfGOnwy

— Marco Rubio (@marcorubio) May 17, 2020

Sen. Ben Cardin, the top-ranking Democrat on the Senate’s small business committee, expressed support for expanding the deadline, as did fellow Democratic Sen. Chris Van Hollen of Maryland.

“I strongly support extending it,” Van Hollen told Reuters in a phone interview on May 17. “There's a real mismatch between that date and the real world situation that many small businesses are facing. This is a real problem if you think about a restaurant in Maryland. It’s very unlikely that they are going to have 100% of their customers coming in the door by the end of June.”

Q: Do #PaycheckProtectionProgram loans cover paid sick leave?

A: Yes. PPP loans cover payroll costs, including costs for employee vacation, parental, family, medical, and sick leave.

👉 More frequently asked questions: https://t.co/FHmOjdSW00

— SBA (@SBAgov) May 15, 2020

A bill the House approved Friday would provide another $3 trillion in coronavirus-related relief contains language that would extend the PPP spend period to 24 weeks. Still, media reports indicate that the bill is unlikely to pass in the Republican-controlled Senate, despite support for it in the Democrat-run House. Reuters reported Republicans don’t back the bill because it contains certain provisions not directly related to the coronavirus. Still, legislation providing for more economic aid and stimulus amid the pandemic-caused recession could be in the cards.

Meanwhile, the Small Business Administration (SBA), which administers the PPP, on May 15 released the PPP Loan Forgiveness Application, along with instructions for how to navigate it. Access the application here.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including: options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles; flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving a PPP loan; step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness, and more.

SBA officials say they’ll soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

While some promotional products suppliers and distributors have been able to gain quick access to PPP funding, others have endured a messy application process and prolonged silence from lenders.