House Passes Major Extension of PPP
The House passed a bill today that will give small business owners more flexibility in how they spend money from the Paycheck Protection Program.
The chamber approved the legislation in a nearly unanimous 417-1 vote. The Senate has put forward a plan similar to the House bill, but has not yet passed it. Senators will not convene again until next week.
The, one of the core parts of the $2 trillion pandemic rescue package passed in March, includes standards for how companies have to use their loans in order to get them forgiven. The measure passed Thursday would ease those rules.
The plan would extend the time that businesses have to use the funds to six months, push back a June 30th deadline to rehire workers and extend the time recipients have to repay the loan
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