The U.S. House’s recently approved legislation has made it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of these loans.
The House bill:
A bill currently in the Senate would double the covered period of PPP spending from 8 to 16 weeks but would not change the 75% payroll cost requirement.
Tax and legal experts and a variety of business organizations applauded the passage of the House bill, noting its bipartisan nature. We look forward to a final bipartisan bill when it is presented to.the Senate.
The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.