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.

PPP Chart


TAGS

  1. covid-19
  2. paycheck protection program
  3. vgm government

From Our Experts

Ronda Vlog: Further Updates on Refill Requirements and Dear Physician Letter thumbnail Ronda Vlog: Further Updates on Refill Requirements and Dear Physician Letter Be sure to watch this update from Ronda Buhrmester, Sr. Director of Payer Relations and Reimbursement, where she gives updates on the change to the refill requirement, effective Jan. 1, 2024 and the Dear Physician letter released in February. Change Health Resources thumbnail Change Health Resources VGM recognizes that many of our members in the DMEPOS provider community have been negatively impacted by the cyberattack on Change Healthcare that occurred on February 21, 2024. We continue to monitor the situation and promote the creation of resources to help providers navigate through this with as little negative impact to their business as possible. Insights from the 2024 State Leaders Summit thumbnail Insights from the 2024 State Leaders Summit The VGM State Leaders Summit concluded in early February at the VGM headquarters in Waterloo, IA. State leaders from home medical equipment (HME) state associations traveled to Waterloo to collaborate on their priorities for 2024 and find ways to enhance their associations. Vlog: Ike Isaacson Give an Update on the 75/25 Blended Rate thumbnail Vlog: Ike Isaacson Give an Update on the 75/25 Blended Rate Watch this video update from VGM's Ike Isaacson on the importance of the 75/25 blended rate. Welcome to 2024. Let's Talk Root Causes! thumbnail Welcome to 2024. Let's Talk Root Causes! Kim Cuce explains how to identify the root causes of issues that DMEPOS providers often face. Urgent Advocacy Needed: Extend 75/25 Blended Rate Relief thumbnail Urgent Advocacy Needed: Extend 75/25 Blended Rate Relief As government funding negotiations continue, our 75/25 blended-rate provision is at stake. Let's unite our voices and secure the relief our HME community needs. Government Relations: Be Knowledgeable, Be Specific thumbnail Government Relations: Be Knowledgeable, Be Specific If you have never engaged your legislator, it can feel intimidating, but it doesn't have to be. Effective communication with legislators is easy and essential for any advocacy success. Here are some tips to help you communicate effectively with legislators Ronda Vlog: Important Update on CPAP Supplies and Products thumbnail Ronda Vlog: Important Update on CPAP Supplies and Products Listen as Ronda Buhrmester, Sr. Director of Payer Relations and Reimbursement, provides an important update on CPAP products and supplies.