monies may be used. Here are some highlights.
The bill, which overwhelmingly passed in the House last week and is now headed to President Donald Trump's desk, loosens some key rules regarding loan repayment and spending restrictions of the PPP.
The new changes are:
Lower to 60% from 75%the minimum portion of the PPP loan that must be used on payroll. The rest must be used on rent, utlitites and other business related expenses.
Extend from 8 weeks to 24 weeks the amount of time the loan can cover.
Extend from 2 to 5 years the time the new PPP loans must be paid back if the amount isn't converted to a grant.