Changes Coming to PPP Program

Lawmakers and other government officials are working to make changes to the Paycheck Protection Program; there has been slowing demand and less complaints coming from small businesses; businesses are likely to get more flexibility in how the funds are spent; previously 75% of funds were required to be spent on employee salaries in order for the loan to be forgiven; another change that might be coming is extending the time in which the business has to spend the funds which was originally set at two months; many hair salons and restaurants have expressed challenges in hiring back staff due to being closed and have also voiced the need for funds to go to overhead costs. The Wall Street Journal

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