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House passes bill to extend 8-week period to spend PPP loans and alter the 75% rule

Small businesses may soon find more flexibility in the Paycheck Protection Program (PPP) as a bill passed the House on Thursday, May 28, 2020, that would extend the time in which businesses need to spend funds and alter the rule that they must spend 75% of the funds on payroll for full forgiveness (that level would be reduced to 60%).

The bipartisan bill, titled the Paycheck Protection Program Flexibility Act and spearheaded by Democratic Rep. Dean Phillips and Republican Rep. Chip Roy, passed through the House in a nearly unanimous vote, 417 to 1.

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