Treasury Secretary Mnuchin under pressure to ease PPP loan forgiveness criteria
Treasury Secretary Mnuchin under pressure to ease PPP loan forgiveness criteria
Reading Time: < 1 minute(Last Updated On: August 19, 2021)
On May 5, more than 20 senators from both sides of the aisle came together to urge Treasury Secretary Steven Mnuchin to reconsider the criteria that businesses must meet in order to qualify for Paycheck Protection Program loan forgiveness.
Currently, the program stipulates that no more than 25% of the loan amount may be used for rent, mortgage payments, or utilities, while the other 75% must be used solely for payroll costs.
Senators are pushing to change that ratio to 50/50 in order to ease the financial stress that struggling small businesses are facing. No answer has been given by Mnuchin just yet.
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