Senate Passes PPP Bill

From our partners at Michael Best Strategies:

The U.S. Senate passed the House-passed bill to extend the Paycheck Protection Program.

The recently passed bill would:

• Allow recipients of loan forgiveness under the Paycheck Protection Program to defer payroll taxes.
• Lower current requirement that 75% of a loan be used on payroll to 60%. The remaining 40% can be used for other expenses including paying rent and utilities.
• Extend the amount of time the loan covers from 8 weeks (2 months) to 24 weeks (6 months) or Dec. 31, whichever comes sooner.
• Extend from 2 years to 5 years the time allowed to repay any money owed on a loan.
• Extend deadline to rehire workers from June 30 to Dec. 31, 2020.

The bill will now go to President Trump. For a full breakdown of what is in the bill click here.