Do you have PPP money you are trying to figure out how to spend in 8 weeks ?
Well good news, the PPP rules are likely changing. The House is expected to vote next week on the Paycheck Protection Flexibility Act, a bipartisan bill. The bill would make the following changes to Paycheck Protection Program loans:
• Allow forgiveness for expenses beyond the eight-week covered period. This would help businesses that are prohibited from opening their doors, or those that will only be allowed to open with restrictions;
• Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
• Eliminate restrictions that limit loan terms to two years;
• Allow businesses that take PPP loans to also take payroll tax deferrals; and
• Extend the June 30 rehiring deadline, to offset the effect of enhanced Unemployment Insurance.
So if you were concerned about the 8 week deadline, take a breath, we may have some relief coming next week.