The new version of the Paycheck Protection Program loosens rules on how businesses can spend their money
The Senate on Wednesday passed legislation giving more flexibility to recipients of the Paycheck Protection Program, which has provided thousands of restaurants and other small businesses around the country with funds intended to keep them afloat during the COVID-19 pandemic.
In a statement Wednesday, the Independent Restaurant Coalition cheered the move but cautioned further aid for restaurants would still be needed. The amount of time loans can be used has been extended to 24 weeks from eight, while those businesses whose loans aren’t converted into grants now have five years for repayment instead of two years.
“The changes are a good step, but if this was the format of the program when it originally came out, that would have been much more helpful,” said Akira Akuto, Konbi’s chef-owner. “We’ve already spent most of our [PPP] money to keep our employees paid, so now we’ll probably use whatever is left on rent and utilities.”, has provided nearly 4.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The senate approved changes to PPP loan forgiveness eligibility - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Senate passes bill to fix PPP loan program, sends it to Trump for signatureSenate unanimously passes bill that seeks to fix the Paycheck Protection Program, which provides direct relief to small businesses amid the coronavirus pandemic; the bill now heads to President Trump's desk for signature.
Read more »
Senate passes bill to fix PPP loan program, sends to Trump for signatureSenate unanimously passes bill that seeks to fix the Paycheck Protection Program, which provides direct relief to small businesses amid the coronavirus pandemic; the bill now heads to President Trump's desk for signature.
Read more »
PPP loan program accidentally paid some small-business owners twice“The incompetency and the amount of people who don’t know what they’re doing and just hanging on and doing the bare minimum is at an-all time high,” Pittsburgh drywall contractor Bill Martin said. “Everyone is just flying by the seat of their pants.”
Read more »
Why PPP Loan Forgiveness Might Get EasierCongress soon could ease restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, making it easier for small-business owners to qualify for loan forgiveness.
Read more »
Why PPP Loan Forgiveness Might Get EasierCongress soon could ease restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, making it easier for small-business owners to qualify for loan forgiveness.
Read more »