Cantwell Statement on Passage of Legislation to Improve PPP Small Business Loan Program
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) released the following statement after the Senate passed legislation to help small businesses participating in the Paycheck Protection Program (PPP):
“Giving borrowers more flexibility on loans and loan forgiveness means more small businesses and their workforce will be helped.”
The legislation lowers the Small Business Administration’s requirement for 75 percent of loan proceeds to be spent on payroll to 60 percent to allow small businesses more flexibility to use the funding for business expenses. It also expands loan forgiveness by extending the eight week period to 24 weeks and extending the covered period from June 30 to December 31, 2020.
The legislation previously passed the House and now moves on to the president’s desk for signature into law.
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