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

HARDESTY TIP

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:

https://fortune.com/2020/05/28/house-bill-ppp-extension-8-weeks/

HARDESTY SUPPORT

As a service to our clients and network – reach out to Hardesty with your questions.If you need more help than that, contact Hardesty today and we can help you with Fractional CFO support to:

  • Review your forgiveness plan & prepare for the diligence process
  • Communicate with your bank & CPA reviewer
  • Maximize your forgiveness amount
  • Help the company emerge stronger