House passes bill to extend 8-week period to spend PPP loans and alter the 75% rule

May 29, 2020


PPP 8 – week period is extended and the 75% rule reduced – As we reported rumors, we had heard earlier, in the last Hardesty Tip, today Congress, in a bipartisan vote 417 to 1, passed a bill to extend the PPP 8-week period to 24 weeks and reduce the 75% payroll rule to 60%.
Next – This is NOT law yet. The bill still needs to get passed by the Senate. But, the Senate has their own bill with a proposed
extension, so it appears we are going in the right direction.

Link To Article from Fortune:

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