Today, the U.S. House approved legislation to allow small businesses and other recipients of Paycheck Protection Program ("PPP") funding a greater opportunity to qualify for forgiveness of the loans.
Specifically, the House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends the time PPP recipients have to spend their funds.from eight weeks to 24 weeks. Second, the measure also lowers he portion of PPP funds borrowers must spend on payroll costs to qualify for full loan forgiveness, from 75% to 60%.
More information about the House bill may be found here:
Smith Shapourian Mignano PC is available to answer any questions or concerns you may have regarding the PPP.
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