5/28, 7:26 PM (Source: TeleTrader)
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House passes new bill on PPP loans

The United States House of Representatives voted by an overwhelming majority of 417 to 1 in favor of a bill that gives small businesses more flexibility on how they use loans from the Paycheck Protection Program (PPP).

PPP initially foresaw spending the funds in eight weeks, but the Paycheck Protection Program Flexibility Act will allow small businesses to spend the funds within 24 weeks. Furthermore, borrowers will become eligible for loan forgiveness if they spend at least 60% of the loan on paychecks while previous legislation envisaged 75% as the limit for loan forgiveness.

The bill is expected to be backed by the Republican-help Senate and President Donald Trump/

Breaking the News / VP