The Paycheck Protection Program Reform bill approved by Congress and signed by the President advances relief for borrows. Some highlights include:
- Recipients now have 24 weeks to spend funds from the time of origination, in order to be eligible for at least some loan forgiveness. This is up from the original eight weeks.
- The percent of funds that must be spent on payroll was lowered from 75% to 60%, in order to be eligible for at least some loan forgiveness. If the payroll dollars spent is below 60% it prevents any loan forgiveness.
LATEST NEWS FOR YOUR BUSINESS
Paycheck Protection Program
Currently, there are still over $100 billion in PPP funds available for businesses in the United States.