The Senate has passed a House bill that would give small businesses and other entities that have received loans from the Paycheck Protection Program (PPP loan) 16 additional weeks to spend the funds and qualify for full forgiveness of the loans. The legislation would also lower the percentage of PPP spending required to be on payroll to 60% from 75%.

With the approved changes to the forgiveness provisions that broaden the timing and use of the PPP loan proceeds, if your business has not already applied for a loan under the PPP program, there is still time until June 30, 2020 to apply and be approved for the loan program.