WASHINGTON—The House next week is expected consider a bipartisan plan to ease restrictions on how businesses use the Small Business Administration's (SBA) paycheck protection program (PPP).
In addition, the legislation would help ensure businesses' PPP loans are still forgiven with the added flexibility, an issue for which a number of different industries.
The proposed legislation would reportedly give businesses 24 weeks to spend the money from the program and would eliminate a requirement that at least 75% of the PPP loan forgivable amount must be used toward payroll. If the legislation were to pass the House next week, the Senate could act on it when it returns from its Memorial Day recess, NAFCU predicted.
Last week, as CUToday.info reported, the SBA released an application for PPP loan forgiveness and instructions for borrowers.