Small businesses could soon see a rollback of several universally loathed measures attached to the original Paycheck Protection Program (PPP), the $669 billion loan and grant initiative aimed at helping small businesses keep employees on the payroll.

When the House convenes next Wednesday, it is expected to vote on the Paycheck Protection Flexibility Act, a standalone bill that would, among other things, lengthen the time businesses may spend the funds from their PPP loans. The bill would also eliminate the requirement that 75 percent of a loan's proceeds must be spent on employee pay and benefits. The measure was originally proposed May 15 in the House by representatives Dean Phillips (D., Minn.) and Chip Roy (R., Texas).  

"Every day counts with these reforms, with many small businesses wondering what to do next," said Karen Kerrigan, president of the Small Business & Entrepreneurship Council, a nonpartisan advocacy group in Vienna, Virginia. Kerrigan added that she suspects that the unenthusiastic uptake of the second tranche of PPP funding, which still has more than $100 billion in available funds, is a direct result of these restrictions. 

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