House bill gives small businesses more time to use PPP loans and lets them spend less on payroll

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Wine store employees catalog a new shipment of alcohol on May 28, 2020 in New York City. Government guidelines encourage wearing a mask in public with strong social distancing in effect as all 50 states in the USA have begun a gradual process to slowly reopen after weeks of stay-at-home measures to slow the spread of COVID-19. (Photo by Alexi Rosenfeld/Getty Images)

Alexi Rosenfeld

A bill that passed yesterday in the House of Representatives has some sought-after changes to a forgivable loan program for small-business owners.

The new legislation, the Paycheck Protection Program Flexibility Act, addresses entrepreneurs’ concerns around loan forgiveness, one of the main attractions of the Paycheck Protection Program. It passed the House on Thursday in a 417-1 vote.

Some loan recipients, like the self-employed and others whose largest costs are non-labor expenses, stand to benefit more than others.

The PPP, created


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