Senate Approves House-Passed PPP Bill

By unanimous consent, the Senate on June 3 approved legislation passed by the House last week that will liberalize rules under the Paycheck Protection Program (PPP) to give business owners more time to have the loans forgiven by the U.S. government. President Trump is expected to sign the legislation into law shortly.
 
Under the PPP loan program, which passed Congress earlier this spring as part of the CARES Act, small businesses with fewer than 500 employees can take out loans equal to 2.5 times their average monthly payroll from 2019 with the total capped at $10 million. For many businesses that meet key conditions on the use of these funds, the loans may be forgiven.
 
The legislation approved by the House and Senate, called the Paycheck Protection Program Flexibility Act, will make it easier for small businesses to utilize funds under the PPP and still qualify for loan forgiveness.