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.