Senate to vote on looser PPP loan criteria

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By Jennifer Kang
01 Jun 2020

The US House of Representatives passed the Paycheck Protection Program Flexibility Act last week in an attempt to loosen the terms around how small businesses can spend their loans, reducing the amount required to be spent on employee payroll. Sources say the program has made strides in the past two months since its rocky rollout, enabling a wider range of industries to benefit from the forgivable loan program.

The PPP is a small business relief lending initiative created under the CARES Act. To date, the PPP has authorized more than $600bn in forgivable loans for small businesses. The program is administered by the Treasury and Small Business Administration (SBA), but businesses must apply through a ...

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