The legislation would extend the forgiveness period from eight to 24 weeks and let businesses spend less of their loan money on payroll and more on overhead.
The House of Representatives on Thursday passed new legislation that would make it easier for businesses to have their Paycheck Protection Program loans forgiven by relaxing restrictions on how the loan money can be used and extending the period that businesses have to use the funds.2020 on Capitol Hill in Washington, DC.The bill would extend the forgiveness period for PPP loans from eight to 24 weeks.
It would also reduce payroll spending requirements from 75% of loan funds to 60% of loan funds, giving businesses more flexibility in deciding how to allocate the emergency funds, and extend a June 30 deadline to hire workers back. The push for the bipartisan legislation came after widespread complaints that the PPP’s original terms were too restrictive for struggling small businesses.
The Paycheck Protection Program Flexibility Act was introduced by Rep. Chip Roy and Rep. Dean Phillips . It passed in the House on Thursday with a vote of 471-1; only Rep. Thomas Massie voted no.The Senate adjourned before Memorial DayThis bill is now headed to the Senate, where it is expected to pass.
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