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.
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