U.S. Congress Passes Modifications to PPP Loans

MLBA had been working with the Minnesota delegation to Congress, specifically Rep. Dean Phillips to get some changes to the Paycheck Protection Program. Specifically changed was extending the eight-week period in which they must use the money to qualify for loan forgiveness to 24 weeks. And changing the rule requiring program recipients to use 75% of the money for payroll costs and limit other costs to no more than 25% to be eligible for loan forgiveness to at least 60% on payroll and no more than 40% on other bills. The legislation would also allow businesses that receive loan forgiveness under the program to defer payroll taxes.

The vote was 471 – 1 to make these changes. The US Senate brought up the bill just after 7 p.m. on June 3rd and the measure passed by voice vote, sending it to President Donald Trump’s desk.

Click here to read an article from RollCall.com on this.