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<p class="MsoNormal"><span style="color:#1F497D">Legislation modifying the Paycheck Protection Program passed the Senate yesterday afternoon. This is the PPP legislation the House passed last week and it now goes to the President for his signature. Senator
Merkley supports this legislation and the flexibility it will give to PPP recipients. Key changes include:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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The percentage of the PPP loan that needs to be spent on payroll drops from 75% to 60% (allowing businesses and nonprofits to spend more funds on rent/mortgage and utilities if needed).<o:p></o:p></li><li class="MsoListParagraph" style="color:#1F497D;margin-left:2.5pt;mso-list:l0 level1 lfo2">
PPP funds can be spent over 24 weeks, or until December 31, 2020, whichever is earlier. PPP is currently limited to eight weeks.<o:p></o:p></li><li class="MsoListParagraph" style="color:#1F497D;margin-left:2.5pt;mso-list:l0 level1 lfo2">
Changes safe harbor period for rehires from June 30, 2020 to December 31, 2020.<o:p></o:p></li><li class="MsoListParagraph" style="color:#1F497D;margin-left:2.5pt;mso-list:l0 level1 lfo2">
For PPP recipients that do not have their loan forgiven, the length of the loan changes from two years to five years.<o:p></o:p></li></ul>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><a href="https://www.wsj.com/articles/senate-approves-bill-extending-paycheck-protection-program-11591226261">https://www.wsj.com/articles/senate-approves-bill-extending-paycheck-protection-program-11591226261</a><span style="color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><a href="https://www.cnn.com/2020/06/03/politics/paycheck-protection-program-senate/index.html">https://www.cnn.com/2020/06/03/politics/paycheck-protection-program-senate/index.html</a><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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