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Big Changes to the Paycheck Protection Program Heading to the President for Signing

Published in Government Relations on June 04, 2020

The bill that was passed by the House last week that would make significant changes to the Paycheck Protection Program has now passed the Senate as well. It will now go to President Trump for signature. If the bill is signed in its current state, PPP loan recipients will now have nearly 6 months (24 weeks) to utilize the funds they receive, which is three times longer than the 8 weeks they initially had to spend the money in order to qualify for loan forgiveness. Recipients will also only have to spend 60% of the funds on payroll expenses (the initial requirement was 75%), and can use the other 40% on non-payroll expenses such as rent, utilities, and mortgage interest. The bill also calls for an extension for employers to rehire workers that were laid off, more time to repay the loans, and payroll tax deferment for loan recipients.

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