On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP).
The plan would:
- Reduce the percentage of aid money that must be spent on payroll from 75% to 60%
- Extend the window businesses have to use the funds from 8 weeks to six months
- Push back a June 30 deadline to rehire workers
- Extend from two years to five years the time new PPP loans must be paid back if the amount provided does not convert to a grant
- Let companies receiving loan forgiveness defer payroll taxes
The bill is now headed to the Senate.
We plan to discuss legislative updates during our next free webinar on Wednesday, June 3. Click here to register: https://us02web.zoom.us/webinar/register/WN_-M0pBsjMST-YuFXZnGsHXw
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