COVID-19: U.S. House may consider PPP reform stand-alone bill
The bipartisan bill is aimed at making necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program.
The legislation will:
- Allow forgiveness for expenses beyond the 8-week covered period.
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
- Eliminate restrictions that limit loan terms to 2 years.
- Ensure full access to payroll tax deferment for businesses that take PPP loans.
- Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance.
To read the press release from Congressman Phillips, click here.