PPP Reforms pass the House and Senate, President signs bill into law

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.