Coronavirus update: Biden says Trump ‘failed’ Americans

The stimulus program that has both infuriated and sustained U.S. small-business owners since its launch in April is now set to close with more than $130 billion left unused, prompting lawmakers to consider how to repurpose the money for the still-ailing economy.

With the deadline to apply for the Paycheck Protection Program coming just before midnight Tuesday, Sens. Marco Rubio (R-Fla.) and Ben Cardin (D-Md.) are leading a group considering how best to use the remaining funds to help small businesses as they begin to reopen.

Rubio is working on legislation that would create new programs to expand uses for the funds, such as allowing chambers of commerce to apply as well as directing more money to certain businesses that prove they were affected by the pandemic.

According to a draft copy of the bill that was obtained by The Washington Post, the legislation would also set aside $25 billion for businesses with fewer than 10 employees and formally prevent hotel or restaurant chains from receiving more than $2 million total. He would need to reach an agreement with House Democrats before any deal could be signed into law, however, and they have been calling for a range of other economic responses to the coronavirus pandemic.