Congress’s PPP Program Updates Are Borrower-Friendly
On June 3, the Senate passed a bill making it easier for more businesses to apply for financial assistance through the CARES Act’s Payment Protection Program. H.R. 7010 extends the time periods during which borrowers must use the PPP loan funds and gives greater flexibility for businesses that are under financial strain from the economic shutdown.
In a recent article, CGS3 partner and tax expert Phil Jelsma breaks down these changes to the PPP program, what they could mean for borrowers, and which aspects still remain unclear.