The U.S. House of Representatives and Senate passed a bill that changes the forgiveness requirements for PPP loans. Today, President Trump signed the bill into law.
The reforms include:
- Extending the 8 week forgiveness period to 24 weeks
- Reducing the payroll expense requirement to 60% from 75%
- Extending the loan repayment period from 2 years to 5 years for any portion not forgiven
For more details, please see this article.