The House of Representatives approved new bipartisan legislation that would make loans issued from the Paycheck Protection Program easier to forgive. These new regulations aim to loosen restrictions on how the loan money can be used, while also extending the period that businesses are able to use funds. Some key changes that the bill will make include:
- Extending the loan forgiveness period
- Giving more flexibility on how emergency funds can be allocated
- Granting the ability to defer payroll taxes.
This "Paycheck Protection Program Flexibility Act" passed 417 to 1 in the House and will now be sent to the Senate for a vote. To learn more about the bill, click here.