VGM & ASSOCIATESHealthcare MSO
Full Menu Search

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

Get Connected

Stay up-to-date on the latest resources and news provided by VGM & Associates.

Sign Up for Email

From Our Experts

The PHE Is Over: What's Next? thumbnail The PHE Is Over: What's Next? In today's episode of Industry Matters, Mandi Joyner, Senior Director of Marketing at VGM & Associates, talks with three of VGM's payer, billing, and reimbursement experts Ronda Buhrmester, Dan Fedor, and Craig Douglas about the end of the Public Health Emergency (PHE) and what that means for members. Adam Miller and Tom Powers Attend Policy Forum in Washington D.C. thumbnail Adam Miller and Tom Powers Attend Policy Forum in Washington D.C. On Wednesday, May 10, the AOPA Policy Forum held in Washington D.C. brought together over 100 stakeholders, manufacturers, and practitioners in the field of orthotics and prosthetics (O&P). John Gallagher and Greg Packer Attend Successful Fly-In on Capitol Hill thumbnail John Gallagher and Greg Packer Attend Successful Fly-In on Capitol Hill On May 10, John Gallagher, VP of VGM Government Relations, and Greg Packer, President of U.S. Rehab, participated in the AAHomecare Fly-In event in Washington D.C. The purpose of their attendance was to discuss key industry issues with members of Congress and their staff. FAHCS Secures Major Victory for HME Industry in Florida thumbnail FAHCS Secures Major Victory for HME Industry in Florida FAHCS secures a significant victory for the HME industry in Florida with a 7.5% rate increase to Medicaid Fee Schedule. Washington Governor Signs SB 5218 to Remove Sales Tax From CRT Equipment thumbnail Washington Governor Signs SB 5218 to Remove Sales Tax From CRT Equipment On May 4 in Olympia, Washington, Governor Jay Inslee signed SB 5218 into effect. This bill exempts complex rehab technology (CRT) equipment from sales tax, making it more accessible and affordable for those in need of it. CMS Proposes New Rules to Strengthen Transparency and Access to Quality Care in Medicaid and CHIP Programs thumbnail CMS Proposes New Rules to Strengthen Transparency and Access to Quality Care in Medicaid and CHIP Programs CMS has released a two new proposed rules that look to strengthen transparency as well as access to quality care within the Medicaid and CHIP programs. One of the proposed rules is titled Ensuring Access to Medicaid Services and the other is Managed Care Access, Finance, and Quality. S. 1294, A Bill to Provide a 75/25 Blended Rate for Non-Rural, Non-CBA Supplier Has Been Introduced thumbnail S. 1294, A Bill to Provide a 75/25 Blended Rate for Non-Rural, Non-CBA Supplier Has Been Introduced S. 1294, a bill to provide a 75/25 blended rate for non-rural, non-CBA suppliers has been introduced. Now we ask that everyone reach out to their senators asking for their support of this crucial bill. Read more about the bill and see an easy way to reach out to your senators. Washington State Passes Bill Exempting Sales Tax on Complex Rehab Technology: A Testimony to the Power of Advocacy and Collaboration thumbnail Washington State Passes Bill Exempting Sales Tax on Complex Rehab Technology: A Testimony to the Power of Advocacy and Collaboration Congratulations to Don Whitney of Inland Medical and the PAMES state association, along with the entire state of Washington, on the recent passing of SB 5218.

Be Part of Something Bigger

Become a Member