House Passes Bill Loosening Rules on PPP Loans

Yesterday the House approved a bipartisan bill that would loosen the requirements on the PPP loan program for small business; the bill reduces the level of PPP funds that must be used for payroll from 75% to 60% and it gives borrowers 24 weeks to use the proceeds up from the initial 8 weeks in the bill passed in March; the bill now goes to the Senate where those backing the bill plan to push for a vote next week. The Wall Street Journal

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