Senate Passes Bill Easing Rules on Paycheck Protection Program

Yesterday the Senate passed a bill that will provide more flexibility for small businesses that have applied for Paycheck Protection Program loans; under this new proposal small businesses would have to spend 60% of the loan proceeds on payroll, down from 75%, also they could use the funds for six months instead of two months and deadlines were pushed back for when small businesses need to rehire workers; the House passed the bill last week so it now heads to the President’s desk where he is expected to sign it. CNBC

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