(5/27/2020)
The house is expected to vote on a stand-alone, bipartisan paycheck protection program bill. The measure, HR 6886, would make a number of changes to the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s (P.L. 116-136) small business loan program.
The bill would implement the following changes:
- Allow forgiveness for expenses beyond the 8-week covered period.
- Eliminate restrictions limiting non-payroll expenses to 25 percent of loan proceeds.
- Eliminate restrictions that limit loan terms to two years.
- Ensure full access to payroll tax deferment for businesses that take PPP loans.
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
We will continue you to keep you updated if and when the bill is passed. If you have any question please do not hesitate to reach out to us here!
