Great Changes to PPP Loan Forgiveness Coming A Little Late For Some Small Businesses
By Lynn K. Ching Good news for (some) businesses slammed by the COVID closures! The Senate recently (June 3, 2020) passed the House version of changes to the Paycheck Protection Plan (PPP) loan, which - among other changes - now allows businesses to triple the time to spend the funds, and still qualify for forgiveness of the loans. The bill is headed to President Trump, who is expected to sign it. The upcoming changes, as set forth below, will hopefully allow more businesses to qualify for PPP loan forgiveness. For others, it may be a little late. Recap of PPP The PPP loan was available to qualifying small businesses to help mitigate the financial effects of the COVID pandemic. The loan was forgivable if certain criteria were met - over…