House of Representatives voting next week on revising PPP rules

House of Representatives voting next week on revising PPP rules

House of Representatives voting next week on revising PPP rules
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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