Reading Time: < 1 minute(Last Updated On: May 21, 2020)
Next week the U.S. House of Representatives will vote on a piece of legislation that would make several changes to the Paycheck Protection Program, including:
- allow businesses to use funds over a longer period of time than the current 8-week rule, and still be eligible to apply for loan forgiveness
- completely eliminate the rule which stipulates that businesses must use at least 75% of PPP loan funds for payroll and maximum 25% on other expenses
- do away with the 2 year limit on loan terms
- guarantee payroll tax deferment for those businesses that take PPP loans
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