Earlier today the House of Representatives passed a bill that would favor many small business owners. This bill is now sitting on the Senate to vote on. These legislative changes still have a few steps to go through before they are enacted into law.
It expands the covered period to 24 weeks from the date of loan origination (or December 31, 2020 whichever is earlier)
Gives employers until December 31, 2020 to rehire to the same FTE levels before reducing forgiveness
Removes the limit on the non-payroll costs (currently limited to 25%)
The Heroes Act is still sitting to be addressed by the Senate as well and includes other updates to the PPP legislation. It also includes expanded stimulus payments and a few other items geared at bolstering the economy. We are not through the ever-changing laws yet!
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