House of Reps pass vote to revise PPP rules
A piece of legislation aimed at revising Paycheck Protection Program rules passed a vote in the House of Representatives on Thursday, May 28. The bill must now pass a vote in the Senate and get final approval from President Trump.
If signed into law, this piece of legislation will provide small business owners with more time to use the funds (from 8 weeks to 24 weeks), more flexibility with where they allocate the funds (allowing 40% to be used for non-payroll expenses), and pushes the deadline to rehire workers from June 30 to December 31.
The Senate is set to meet again this week, though no announcement has been made as to when the vote will be held.