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PPP Extension to 24 Weeks


Yesterday (6/3/2020), the Senate approved the House bill that extends the Paycheck Protection Program (PPP) funds usage timeline from 8 weeks to 24 weeks, decreases the required usage for payroll purposes from 75% to 60% and extends the loan repayment terms from 2 to 5 years for any portion of the loan not forgiven, among other changes.  This is great news for many businesses that have been operating with reduced payroll as a result of COVID-19.  If you have any questions on how this may affect your current or potential PPP loan, please contact us.

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