|Late yesterday the U.S. Senate passed by unanimous consent H.R. 7010, which had already passed the House of Representatives, extending the Paycheck Protection Program (PPP). Under existing law businesses receiving funds had an 8-week window to use granted funds and have loans forgiven. This has now been expanded to 24-weeks or Dec. 31, whichever comes sooner. |
The Bill now heads to the President’s desk where it is expected to be signed. The new fix will also change a 75-25 divide included in the original March bill — which required businesses to spend 75 percent of the loan on payroll and 25 percent on other fixed costs such as rent and utilities — to a 60-40 ratio.