The bill made a number of amendments to the popular Paycheck Protection Program.
The PPP was created in the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act passed by Congress in late March. The program provides business owners with 500 or fewer workers low-interest loans to stay afloat amid the economic downturn caused by the COVID-19 pandemic.
The Senate legislation would only double the forgiveness window for businesses to use the loans, shifting from eight weeks to 16 weeks. It would also keep the 75–25 rule but allows businesses to use the funds to purchase personal protective equipment for employees and other investments needed to reopen safely.
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