Small businesses can use PPP loans for masks and reopening expenses in proposed bill
The U.S. small business relief program may be changed to allow borrowers to use their loans to buy personal protective equipment for workers and pay for upgrades needed to reopen amid the coronavirus pandemic, according to documents obtained by CNBC.
It extends the window in which borrowers can deploy the funds to 16 weeks from the eight currently allowed and pushes the deadline to apply for the program to Dec. 31 from the current June 30, according to a draft of the legislation called the Paycheck Protection Program Extension Act. Assistant store manager Jesus Alvarez rings up groceries from behind a new plexiglass barrier at Ralphs Kroger grocery store after California issued a stay-at-home order in an effort to prevent the spread of coronavirus disease , in Los Angeles.The U.S. small business relief program may be changed to allow borrowers to use their loans to buy personal protective equipment for workers and pay for upgrades needed to reopen amid the coronavirus pandemic, according to documents obtained by CNBC.
It extends the window in which borrowers can deploy the funds to 16 weeks from the eight currently allowed and pushes the deadline to apply for the program to Dec. 31 from the current June 30, according to a draft of the legislation called the Paycheck Protection Program Extension Act.
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