Bill Proposed to Ease Restrictions on Paycheck Protection Loans

Legislation to reduce some requirements that small businesses must meet in order to have their Paycheck Protection Program (PPP) loans forgiven passed the House on May 28. The legislation lengthens the amount of time small businesses have to use the funding from 8 to 24 weeks. The requirement that 75% of the loan must be used for payroll has also been reduced to 60%. For those companies that must repay their PPP loans, the length of time to pay it back has been lengthened from 2 to 5 years. The bill now resides in the Senate with a potential vote coming this week. Read more here.