The House voted 417-1 on Thursday to pass legislation that will make changes to the Paycheck Protection Program (PPP), which was created to assist small businesses struggling during the ongoing COVID-19 pandemic.
The Paycheck Protection Program Flexibility Act (H.R. 6886), introduced last week by Representatives Chip Roy (R-Texas) and Dean Phillips (D-Minnesota), is designed to make PPP loans more accessible by making its terms of use more flexible.
Changes include extending the period for using loans to 24 weeks. It also would let borrowers spend just 60 percent, rather than 75 percent, of their loan proceeds on paying workers and still be eligible for loan forgiveness. Click here to read more.
For more information on the PPP and other COVID-19 news, please check out NGWA’s COVID-19 news and resources section.