At a White House press conference on Friday, President Trump signed a bill designed to overhaul the $660 billion Paycheck Protection Program.
The PPP was designed to help small companies with less than 500 employees hit hard by the shutdown caused by the coronavirus pandemic.
But many small businesses say the strict rules for using the funds were too much of a burden, like requiring companies to spend the money in eight weeks to qualify for loan forgiveness.
The new law, which received overwhelming support from the House and the Senate, will give businesses 24 weeks to spend the money instead of eight.
Now small business owners have the flexibility they need to make decisions that best fit their unique circumstances.
Posted – 6.6.20