Bill Easing PPP Limits Signed by President

President Donald Trump on Friday signed into law legislation that makes a number of changes to the Payroll Protection Program. These include:

• Businesses have been given more time to spend the money — 24 weeks instead of eight — and the ability to use more of it on non-payroll expenses while still qualifying for loan forgiveness.
• It lowers the amount that must be spent on payroll to achieve loan forgiveness to 60 percent from 75 percent.
• New borrowers now have five years to repay the loan instead of two. Existing PPP loans can be extended up to 5 years if the lender and borrower agree. The interest rate remains at 1%.

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