Sweeping PPP loan changes become law. We have the details.Sweeping PPP loan changes become law. We have the details.
Washington, DC,
June 5, 2020
|
Minneapolis St. Paul Business Journal
President Trump signed into law sweeping changes to the Small Business Administration's Paycheck Protection Program today, making the program's lending terms more favorable to restaurants, retailers and other businesses. The bipartisan bill, titled the Paycheck Protection Program Flexibility Act of 2020, was passed May 28 by the House of Representatives and subsequently passed by the Senate on June 3 with bipartisan support, the only PPP reform effort to become law so far. Introduced by Reps. Chip Roy, R-Texas, and Dean Phillips, D-Minn., the legislation extends the eight-week period under which loan recipients can spend the PPP money while also addressing other details that have bedeviled small businesses in the hospitality realm. The Senate version's backers included Sens. Tim Kaine, D-Va.; Thom Tillis, R-N.C.; Debbie Stabenow, D-Mich.; Cory Gardner, R-Colo.; Angus King, I-Maine; and Steve Daines, R-Mont. The Paycheck Protection Program Flexibility Act overhauls, key aspects of the program, and will:
|