House Approves Changes to Make Small Business Aid Program More Flexible
Changes could soon be coming to the paycheck protection program. The House of Representatives voted to make loans from the Small Business Aid Program more flexible and more accessible for small businesses. Currently, small businesses have eight weeks to use the money to qualify for loan forgiveness. If the new bill passes, they’d have 24 weeks. It would also let small businesses use more of the money to pay their employees and they could defer payroll taxes. This legislation now heads to the Senate when they return to their session next week.