House Overwhelmingly Votes to Approve PPP Changes

The U.S. House of Representatives passed a bill Thursday easing some of the rules concerning the Paycheck Protection Program.

Representative Dan Newhouse stated its been long enough after the passage of the CARES Act to see what adjustments need to be made.

Newhouse said, "At the onset of this coronavirus pandemic, we weren't sure how long it would last or what period of time we were looking at."

The House passed the bill on a 417-1 vote.

The forgiveness period for the program's loans would be extended from 8 weeks to 24 weeks. Companies that receive loan forgiveness could also now defer their payroll taxes.

Businesses would be able to use 40% of their aid money for expenses other than payroll, up from 25%.

The June 30th deadline to rehire workers would also extended, and businesses would have 6 months to use all of their aid money, up from two months.