Next week, the House is anticipated to vote on a proposed stand-alone bipartisan Paycheck Protection Program (PPP) bill. This new measure presents changes to the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s loan program for small businesses during this time of economic uncertainty.

The new bill was included in the proposed $3 trillion economic relief package (passed by the House, but narrowly approved last week), however, the Senate has made it clear the upper chamber will not approve that measure. As a result, the House plans to vote on the stand-alone PPP bill, which has received congressional and industry support. The new PPP bill would implement the following:

  • Forgive expenses surpassing the eight-week period
  • Remove restrictions limiting non-payroll expenses to 25% of loans
  • Remove restrictions limiting loan terms to two years
  • Guarantee full access to payroll tax deferrals for businesses utilizing PPP loans
  • Extend the rehiring deadline to offset the repercussions of enhanced Unemployment Insurance

Doeren Mayhew will keep you updated with the progress of this proposed legislation. If you have questions about your existing PPP loan and how this new bill could affect you, contact us today.