Major Developments in the Paycheck Protection Program Pt. 2

In addition to new regulations governing loan forgiveness, another major development with the PPP program was the passage of legislation that would significantly modify key provisions within the program. The U.S. House of Representatives, by a vote of 417-1, passed the "Paycheck Protection Program Flexibility Act." This legislation aimed to address numerous concerns raised by small business owners since the passage of the CARES Act. The PPPFA reduces the amount of the loan needed to be spent on payroll from 75 percent to 60 percent. This means you will be able to spend more of the PPP loan on rent, mortgage...