The U.S. passed amendments to the Paycheck Protection Program that will extend the deadline to use the forgivable loans from eight weeks to 24 weeks.
The amendment, known as the Paycheck Protection Flexibility Act, also permits businesses to use 60% of the loan on payroll and 40% on other fixed costs such as rent and utilities, according to the Hardwood Federation. Previously, in order to have the loan forgiven, businesses had to spend 75% of the loan on payroll and 25% on other fixed costs.
The new legislation was signed into law by President Trump June 5.
The World Floor Covering Association will host a webinar to answer questions about the new legislation and loan forgiveness June 11 at 2 p.m. EST. Registration can be found here.
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