From the Cowlitz Economic Development Council:
Update: This was signed into law by the President this morning.
For those businesses who have not applied for a PPP loan - take another look now. The federal government has approximately $100B remaining for these funds and the rules are about to change for the better. We are still waiting for the President to sign the bill before it becomes law but you can apply with your local lender NOW and for many, many business owners this will work out as a grant worth 2.5 times your monthly payroll amounts or for a sole proprietor over 20% of your net operating income.
US Senate Passes PPP Small Business Relief Fix Bill. Previously passed by the US House and now on the way to the President for signature, the bill:
- Extends covered loan period from eight to 24 weeks.
- Ensures full access to employer payroll tax deferment for businesses that take PPP loans.
- Relaxes the requirement that PPP loans be spent on payroll costs from 75% to 60%.
- Provides a ‘rehiring safe harbor’ for businesses to still qualify for loan forgiveness if they are unable to rehire employees due to effects of enhanced Unemployment Insurance.
- Establishes a ‘safe harbor’ for businesses to qualify for loan forgiveness if they cannot return to full business operations due to state orders or restrictions.